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Additional Support Predicted For Singapore Shares

The Singapore stock market on Friday snapped the two-day losing streak in which it had stumbled almost 30 points or 0.9 percent. The Straits Times Index now rests just beneath the 3,240-point plateau and it may add to its winnings on Monday.

The global forecast for the Asian markets is firm on growing optimism for a resolution in the trade dispute between the United States and China. The European and U.S. markets were up on Friday and the Asian bourses are tipped to follow suit.

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

For the day, the index gathered 7.01 points or 0.22 percent to finish at 3,238.86 after trading between 3,228.58 and 3,243.15. Volume was 2.82 billion shares worth 1.32 billion Singapore dollars. There were 214 gainers and 194 decliners.

Among the actives, Golden Agri-Resources surged 4.08 percent, while SingTel plummeted 3.64 percent, Yangzijiang Shipbuilding soared 3.09 percent, City Developments spiked 2.09 percent, Wilmar International accelerated 2.00 percent, Mapletree Commercial Trust jumped 1.32 percent, SembCorp Industries tumbled 1.31 percent, Genting Singapore climbed 1.07 percent, Singapore Press Holdings dropped 0.88 percent, CapitaLand advanced 0.82 percent, United Overseas Bank added 0.64 percent, Oversea-Chinese Banking Corporation collected 0.54 percent, CapitaLand Commercial Trust shed 0.50 percent, Keppel Corp gained 0.44 percent, CapitaLand Mall Trust rose 0.40 percent, Ascendas REIT lost 0.34 percent, Singapore Technologies dipped 0.24 percent, DBS Group rose 0.23 percent, Singapore Exchange was up 0.11 percent and Hongkong Land Holdings, Thai Beverage and Comfort DelGro were unchanged.

The lead from Wall Street is positive as stocks showed a strong upward move, sending the major averages to fresh record closing highs.

The Dow added 222.93 points or 0.93 percent to 28.004.89, while the NASDAQ gained 61.81 points or 0.73 percent to 8,540.83 and the S&P 500 rose 23.83 points or 0.77 percent to 3,120.46. For the week, the Dow jumped 1.2 percent, the NASDAQ climbed 0.8 percent and the S&P was up 0.9 percent.

The strength on Wall Street came amid renewed optimism about a U.S.-China trade deal following comments from White House officials. Also, China has lifted a nearly five-year ban on imports of U.S. poultry in a goodwill gesture that could lead to more than $1 billion in annual shipments to China.

In economic news, the Commerce Department said U.S. retail sales rebounded slightly more than expected in October, while the Federal Reserve noted a steep drop in industrial output last month.

Crude oil prices ended sharply higher Friday on renewed optimism about a potential U.S.-China trade deal and hopes the OPEC might decide to deepen its supply cuts. West Texas Intermediate Crude oil futures for December ended up $0.95 or 1.7 percent at $57.72 a barrel.

Closer to home, Singapore will provide October trade data later today; in September, imports were worth SGD39.48 billion and exports were at SGD43.51 billion for a trade surplus of SGD4.03 billion.

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