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Higher Open Predicted For Singapore Stock Market

The Singapore stock market bounced higher again on Monday, one session after it had snapped the five-day winning streak in which it had advanced more than 80 points or 2.7 percent. The Straits Times Index now rests just above the 3,235-point plateau and it's looking at another green light again on Tuesday.

The global forecast for the Asian markets is upbeat on growing optimism that a trade deal between the United States and China will soon be reached. The European and U.S. markets were up and the Asian bourses are tipped to follow suit.

The STI finished slightly higher on Monday following gains from the financial shares, plantation stocks and properties.

For the day, the index rose 6.97 percent or 0.22 percent to finish at 3,236.40 after trading between 3,227.34 and 3,250.02. Volume was 1.14 billion shares worth 1.15 billion Singapore dollars. There were 240 gainers and 175 decliners.

Among the actives, Golden Agri-Resources skyrocketed 7.14 percent, while Hongkong Land Holdings plummeted 1.99 percent, Thai Beverage plunged 1.64 percent, Ascendas REIT tumbled 1.58 percent, Wilmar International soared 1.33 percent, CapitaLand spiked 1.10 percent, Genting Singapore accelerated 1.06 percent, Yangzijiang Shipbuilding jumped 1.05, DBS Group climbed 1.01 percent, Singapore Technologies advanced 1.00 percent, Singapore Exchange sank 0.89 percent, Comfort DelGro gathered 0.87 percent, CapitaLand Mall Trust perked 0.78 percent, CapitaLand Commercial Trust added 0.49 percent, Oversea-Chinese Banking Corporation and Singapore Press Holdings both gained 045 percent, SembCorp Industries rose 0.44 percent, Mapletree Commercial Trust was up 0.42 percent, United Overseas Bank collected 0.41 percent and SingTel fell 0.30 percent.

The lead from Wall Street is positive as stocks opened higher Monday and stayed in the green, extending recent gains and hitting record closing highs.

The Dow added 114.75 points or 0.42 percent to 27,462.11, while the NASDAQ rose 46.80 points or 0.56 percent to 8,433.20 and the S&P 500 gained 11.36 points or 0.37 percent to 3,078.27.

The strength on Wall Street came as traders remain hopeful about a U.S.-China trade agreement, with Commerce Secretary Wilbur Ross expressing optimism phase one of a trade deal could be signed this month.

News on the merger-and-acquisition front also generated some positive sentiment, with shares of Wright Medical Group (WMGI) soaring after the medical device maker agreed to be acquired by larger rival Stryker (SYK) for $30.75 per share in cash.

Crude for December delivery moved higher on Monday, adding to recent gains on renewed optimism about the outlook for global demand. West Texas Intermediate climbed $0.45 or 0.80 percent to $56.68 per barrel.

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