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Singapore Bourse May See Resistance On Wednesday

The Singapore stock market has tracked higher in back-to-back sessions, advancing almost 35 points or 1.1 percent along the way. The Straits Times Index now rests just above the 3,110-point plateau although it may run out of steam on Wednesday.

The global forecast for the Asian markets is broadly negative on diminishing hopes for a resolution to the trade dispute between the United States and China. The European and U.S. bourses were sharply lower and the Asian markets are expected to open in similar fashion.

The STI finished modestly higher on Tuesday following gains from the financial shares and property stocks.

For the day, the index gained 11.37 points or 0.37 percent to finish at 3,110.85 after trading between 3,101.10 and 3,124.22. Volume was 941.73 million shares worth 970.56 million Singapore dollars. There were 188 gainers and 169 decliners.

Among the actives, Golden Agri-Resources surged 2.38 percent, while CapitaLand Mall Trust soared 1.92 percent, CapitaLand Commercial Trust spiked 1.46 percent, SembCorp Industries accelerated 1.44 percent, Ascendas REIT jumped 1.29 percent, United Overseas Bank climbed 0.87 percent, CapitaLand advanced 0.57 percent, Singapore Press Holdings dropped 0.47 percent, Mapletree Commercial Trust added 0.43 percent, Comfort DelGro gained 0.41 percent, Singapore Exchange sank 0.36 percent, Keppel Corp rose 0.34 percent, DBS Group collected 0.32 percent, Singapore Technologies Engineering was up 0.26 percent and Yangzijiang Shipbuilding, Wilmar International. Genting Singapore, Thai Beverage, Oversea-Chinese Banking Corporation and SingTel all were unchanged.

The lead from Wall Street is weak as stocks opened lower on Tuesday, rebounded slightly but then headed firmly into the red at the close.

The Dow shed 313.98 points or 1.19 percent to 26,164.04, while the NASDAQ sank 132.52 points or 1.67 percent to 7,823.78 and the S&P fell 45.73 points or 1.56 percent to 2,893.06.

Selling pressure re-emerged late in the session after the Trump administration imposed visa restrictions on Chinese officials over abuses of Muslim minorities in the Xinjiang region. The new visa restrictions come just two days before the U.S. and China are scheduled to resume high-level trade talks in Washington.

Traders largely shrugged off a Labor Department report showing an unexpected decrease in U.S. producer prices in September - which may clear the way for the Federal Reserve to continue cutting interest rates amid signs of slowing economic growth.

Crude oil futures ended lower on Tuesday as fading optimism about U.S.-China trade talks weighed on prospects for near term energy demand. West Texas Intermediate Crude oil futures for November ended down $0.12 or 0.2 percent at $52.63 a barrel.

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