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Singapore Bourse May Add To Its Winnings

The Singapore stock market has jumped higher in four straight sessions, advancing almost 60 points or 1.8 percent along the way. The Straits Times Index now rests just above the 3,285-point plateau and the win streak is tipped to continue on Friday.

The global forecast for the Asian markets is upbeat on growing optimism for a trade deal between the United States and China. The European and U.S. markets were up and the Asian bourses are tipped to open in similar fashion.

The STI finished modestly higher on Thursday following gains from the financial shares and plantation stocks, while the properties were mixed.

For the day, the index advanced 23.03 points or 0.71 percent to finish at the daily high of 3,285.72 after moving as low as 3,258.43. Volume was 1.85 billion shares worth 1.38 billion Singapore dollars. There were 235 gainers and 165 decliners.

Among the actives, Yangzijiang Shipbuilding plummeted 2.97 percent, while Hongkong Land Holdings surged 2.89 percent, Dairy Farm International soared 2.56 percent, Golden Agri-Resources accelerated 2.22 percent, CapitaLand spiked 1.91 percent, Comfort DelGro jumped 1.72 percent, Wilmar International climbed 1.57 percent, Thai Beverage advanced 1.10 percent, DBS Group added 0.98 percent, SingTel gained 0.90 percent, Singapore Exchange gathered 0.78 percent, Keppel Corp gathered 0.58 percent, Genting Singapore rose 0.52 percent, CapitaLand Commercial Trust fell 0.49 percent, CapitaLand Mall Trust was up 0.39 percent, United Overseas Bank collected 0.33 percent, City Developments and Oversea-Chinese Banking Corporation both increased 0.27 percent and Ascendas REIT and Mapletree Commercial Trust were unchanged.

The lead from Wall Street is positive as stocks opened higher on Thursday, faded a bit as the day progressed but still finished firmly in the green.

The Dow added 182.24 points or 0.66 percent to 27,674.80, while the NASDAQ gained 23.89 points or 0.28 percent and the S&P 500 rose 8.40 points or 0.27 percent to 3,085.18.

The early strength on Wall Street followed signs of progress in U.S.-China trade talks after a spokesman for the Chinese Commerce Ministry said the U.S. and China have agreed to lift existing tariffs in phases.

In U.S. economic news, the Labor Department reported a bigger than expected decrease in first-time claims for U.S. unemployment benefits in the week ended November 2.

Crude oil prices moved higher on Thursday, rebounding smartly after suffering a setback in the previous session. West Texas Intermediate Crude oil futures for December ended up $0.80 or 1.4 percent at $57.15 a barrel.

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