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Rebound Anticipated For Singapore Stock Market

The Singapore stock market on Monday halted the two-day winning streak in which it had advanced more than 10 points or 0.3 percent. The Straits Times Index now rests just above the 3,250-point plateau although it figures to bounce higher again on Tuesday.

The global forecast for the Asian markets is upbeat on optimism ahead of the trade deal between the United States and China that is expected to be signed later this week. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The STI finished slightly lower on Monday as losses from the industrials were tempered by support from the properties and a mixed picture from the financial sector.

For the day, the index fell 4.88 points or 0.15 percent to finish at 3,251.07 after trading between 3,248.00 and 3,267.97. Volume was 1.36 billion shares worth 977.26 million Singapore dollars. There were 217 gainers and 1767 decliners.

Among the actives, SingTel plummeted 1.51 percent, while CapitaLand Mall Trust surged 1.19 percent, SembCorp Industries plunged 0.86 percent, Yangzijiang Shipbuilding tumbled 0.85 percent, Mapletree Commercial Trust skidded 0.82 percent, Singapore Technologies Engineering sank 0.74 percent, Singapore Exchange dropped 0.68 percent, Mapletree Logistics Trust advanced 0.57 percent, Genting Singapore shed 0.54 percent, CapitaLand climbed 0.51 percent, CapitaLand Commercial Trust added 0.48 percent, Singapore Press Holdings lost 0.46 percent, Comfort DelGro gained 0.44 percent, DBS Group collected 0.38 percent, Ascendas REIT rose 0.33 percent, Wilmar International increased 0.23 percent, United Overseas Bank was up 0.19 percent, Oversea-Chinese Banking Corporation fell 0.18 percent, Keppel Corp eased 0.15 percent and Thai Beverage and Singapore Airlines were unchanged.

The lead from Wall Street is positive as stocks moved mostly higher on Monday, rebounding from the pullback in the previous session. With the upward move, the NASDAQ and the S&P 500 ended the session at new record closing highs.

The Dow added 83.28 points or 0.29 percent to finish at 28,907.05, while the NASDAQ jumped 95.07 points or 1.04 percent to 9,273.93 and the S&P 500 rose 22.78 points or 070 percent to 3,288.13.

The strength on Wall Street came amid continued optimism about impact of the phase one China-U.S. trade deal. Chinese Vice Premier Liu He is scheduled to visit Washington to sign the deal, which is said to include reduced tariffs on Chinese goods in exchange for increased Chinese purchases of U.S. agricultural products.

Stocks saw further upside after various media reports said the Treasury Department will drop its designation of China as a "currency manipulator" ahead of the signing of the deal.

Crude oil prices declined sharply on Monday amid easing worries about U.S.-Iran tensions as the futures contract settled at its lowest level in six weeks. West Texas Intermediate Crude oil futures ended down $0.96 or 1.6 percent at $58.08 a barrel, the lowest price since early December.

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