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Mild Consolidation Called For Singapore Shares

The Singapore stock market bounced higher again on Tuesday, one session after it had ended 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 3,270-point plateau although it may head south again on Wednesday.

The global forecast for the Asian markets is murky ahead of the trade deal between the United States and China that is expected to be signed later this week. The European markets were barely higher and the U.S. bourses were mixed and little changed and the Asian markets figure to split the difference.

The STI finished modestly higher on Tuesday following gains from the property stocks and financial shares.

For the day, the index gathered 19.47 points or 0.60 percent to finish at the daily high of 3,270.54 after trading as low as 3,256.18. Volume was 1.5 billion shares worth 1.27 billion Singapore dollars. There were 203 gainers and 202 decliners.

Among the actives, Thai Beverage plummeted 3.37 percent, while Singapore Technologies Engineering surged 2.23 percent, Mapletree Commercial Trust soared 2.07 percent, Singapore Press Holdings plunged 1.83 percent, Comfort DelGro tumbled 1.32 percent, Mapletree Logistics Trust spiked 1.14 percent, CapitaLand Commercial Trust accelerated 0.96 percent, Yangzijiang Shipbuilding jumped 0.86 percent, City Developments climbed 0.79 percent, CapitaLand Mall Trust advanced 0.78 percent, Wilmar International added 0.69 percent, SingTel dropped 0.61 percent, DBS Group collected 0.57 percent, United Overseas Bank gained 0.45 percent, SembCorp Industries rose 0.43 percent, Oversea-Chinese Banking Corporation increased 0.36 percent, CapitaLand was up 0.25 percent, Keppel Corp perked 0.15 percent and Genting Singapore, Ascendas REIT and Singapore Exchange were unchanged.

The lead from Wall Street offers little clarity as the markets showed a lack of direction on Tuesday, bouncing back and forth across the unchanged line before eventually closing mixed.

The Dow added 32.62 points or 0.11 percent to finish at 28,939.67, while the NASDAQ lost 22.60 points or 0.24 percent to 9,251.33 and the S&P 500 fell 4.98 points or 0.15 percent to 3,283.15.

The choppy trading on Wall Street came as traders seemed reluctant to make big moves following quarterly results from several big-name financial companies as JPMorgan Chase (JPM) and
Citigroup (C) beat the street while Wells Fargo (WFC) missed badly.

Stocks saw some volatility in afternoon trading on reports that tariffs on billions of dollars of Chinese goods are likely to remain in place until after the U.S. elections in November.

In U.S. economic news, the Labor Department said consumer prices in the U.S. increased by slightly less than anticipated in December.

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