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Singapore Shares Poised To Find Traction On Thursday

The Singapore stock market has finished lower in five straight sessions, dropping almost 55 40 points or 1.8 percent along the way. The Straits Times Index now rests just beneath the 3,160-point plateau although it may finally stop the bleeding on Thursday.

The global forecast for the Asian markets is firm on renewed optimism for a resolution to the trade spat 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 lower on Wednesday following losses from the plantations, financials and industrials.

For the day, the index sank 13.29 points or 0.42 percent to finish at 3,159.79 after trading between 3,144.07 and 3,167.10. Volume was 1.07 billion shares worth 1.37 billion Singapore dollars. There were 224 decliners and 134 gainers.

Among the actives, Golden Agri-Resources plummeted 4.44 percent, while Wilmar International plunged 2.19 percent, Dairy Farm International soared 2.08 percent, Mapletree Commercial Trust tumbled 1.69 percent, CapitaLand skidded 1.37 percent, Thai Beverage retreated 1.12 percent, Yangzijiang Shipbuilding jumped 0.94 percent, Singapore Press Holdings climbed 0.93 percent, SembCorp Industries declined 0.92 percent, Comfort DelGro sank 0.85 percent, United Overseas Bank dropped 0.63 percent, Keppel Corp shed 0.59 percent, SingTel fell 0.58 percent, Genting Singapore lost 0.54 percent, Oversea-Chinese Banking Corporation slid 0.37 percent, Ascendas REIT dipped 0.33 percent, DBS Group eased 0.24 percent and Singapore Exchange rose 0.11 percent.

The lead from Wall Street is upbeat as moved higher on Wednesday, recovering losses from the past few sessions.

The Dow added 146.97 points or 0.53 percent to finish at 27,649.78, while the NASDAQ gained 46.03 points or 0.54 percent to 8,566.67 and the S&P 500 rose 19.56 points or 063 percent to 3,112.76.

The rebound on Wall Street followed reports that the U.S. and China are moving closer to agreeing on the number of tariffs that would be rolled back in a phase one trade deal. The report added that U.S. negotiators expect a deal to be completed before U.S. tariffs are set to rise next week.

Renewed optimism about a potential trade deal offset negative sentiment generated by soft economic data, including a report from payroll processor ADP showing much weaker than expected private sector job growth in November.

Crude oil prices showed a substantial move to the upside during Wednesday as traders looked ahead to the start of OPEC's biannual meeting later today in Vienna. After inching up $0.14 or 0.3 percent to $56.10 a barrel on Tuesday, crude for January spiked $2.33 or 4.2 percent to $58.43 a barrel.

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