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Singapore Bourse Tipped To Find Support On Monday

The Singapore stock market has finished lower in three straight sessions, dropping almost 70 points or 2.2 percent along the way. The Straits Times Index now rests just beneath the 3,080-point plateau although it's expected to stop the bleeding on Monday.

The global forecast for the Asian markets is broadly positive on renewed optimism over the outlook for interest rates. The European and U.S. markets were up and the Asian bourses are predicted to open in similar fashion.

The STI finished modestly lower on Friday following losses from the financial shares and mixed performances from the plantations and properties.

For the day, the index slipped 9.61 points or 0.31 percent to finish at 3,078.36 after trading between 3,068.83 and 3,090.55. Volume was 1.01 billion shares worth 799.97 million Singapore dollars. There were 209 decliners and 162 gainers.

Among the actives, Golden Agri-Resources surged 2.33 percent, while Yangzijiang Shipbuilding plummeted 1.56 percent, Singapore Press Holdings soared 1.43 percent, Wilmar International plunged 1.10 percent, Singapore Technologies Engineering spiked 1.05 percent, Keppel Corp tumbled 1.02 percent, SingTel skidded 0.96 percent, Mapletree Commercial Trust jumped 0.86 percent, Oversea-Chinese Banking Corporation retreated 0.84 percent, Singapore Exchange declined 0.83 percent, United Overseas Bank dropped 0.63 percent, Thai Beverage climbed 0.58 percent, CapitaLand sank 0.57 percent, CapitaLand Commercial Trust advanced 0.49 percent, Comfort DelGro shed 0.42 percent, CapitaLand Mall Trust lost 0.39 percent, DBS Group eased 0.08 percent and Genting Singapore, Hongkong Land, Ascendas REIT and SembCorp Industries were unchanged.

The lead from Wall Street is upbeat as stocks moved higher again on Friday, extending gains from the previous session.

The Dow jumped 372.68 points or 1.42 percent to 26,573.72, while the NASDAQ rose 110.21 points or 1.40 percent to 7,982.47 and the S&P climbed 41.38 points or 1.42 percent to 2,952.01. For the week, the Dow shed 0.9 percent, the NASDAQ rose 0.5 percent and the S&P fell 0.3 percent.

The rally on Wall Street followed Friday's Labor Department report that showed weaker than expected job growth but an unexpected drop in the unemployment rate to a nearly 50-year low. The mixed data served the dual purpose of reinforcing expectations the Federal Reserve will continue cutting interest rates while at the same offsetting concerns about a potential recession.

Stocks saw further upside in afternoon trading after Fed Chairman Jerome Powell described the U.S. economy as "in a good place" and said it is the central bank's job to "keep it there as long as possible."

Crude oil prices moved higher Friday and snapped an eight-session losing streak after decent jobs data from the U.S. Labor Department eased concerns about growth in the U.S. economy and the outlook for energy demand. West Texas Intermediate Crude oil futures for November ended up $0.36 or 0.7 percent at $52.81 a barrel.

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