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Singapore Shares Set To Open In The Green

The Singapore stock market on Tuesday ended the two-day slide in which it fell almost 70 points or 2.3 percent. The Straits Times Index now rests just above the 3,175-point plateau and it's expected to open slightly higher again on Wednesday.

The global forecast for the Asian markets suggests mild upside, thanks to a rebound in crude oil prices. The European markets were up and the U.S. bourses were mixed and flat and the Asian markets figure to split the difference.

The STI finished modestly higher on Tuesday following gains from the properties and mixed performances from the financial shares and industrials.

For the day, the index gained 12.42 points or 0.39 percent to finish at 3,175.57 after trading between 3,166.99 and 3,195.50. Volume was 1.50 billion shares worth 1.12 billion Singapore dollars. There were 237 gainers and 166 decliners.

Among the actives, Singapore Exchange surged 2.96 percent, while Dairy Farm International soared 2.81 percent, Thai Beverage spiked 2.00 percent, Mapletree Commercial Trust accelerated 1.77 percent, Yangzijiang Shipbuilding jumped 1.55 percent, Singapore Press Holdings climbed 1.50 percent, Genting Singapore gathered 1.18 percent, Wilmar International perked 1.00 percent, Singapore Technologies Engineering advanced 0.96 percent, United Overseas Bank collected 0.82 percent, Mapletree Logistics Trust shed 0.53 percent, SembCorp Industries added 0.50 percent, Oversea-Chinese Banking Corporation gained 0.47 percent, Comfort DelGro rose 0.46 percent, CapitaLand Mall Trust increased 0.41 percent, Ascendas REIT was up 0.31 percent, SingTel gained 0.30 percent, Keppel Corp lost 0.30 percent, DBS Group eased 0.08 percent and CapitaLand and CapitaLand Commercial Trust were unchanged.

The lead from Wall Street is cautiously optimistic as stocks opened higher on Tuesday but faded as the day progressed, finally ending mixed but little changed.

The Dow eased 0.48 points or 0.01 percent to 29,276.34, while the NASDAQ added 10.55 points or 0.11 percent to 9,638.94 and the S&P 500 rose 5.66 points or 0.17 percent to 3,357.75.

The early upward move on Wall Street came as traders continued to shrug off concerns about the economic impact of the deadly coronavirus outbreak.

Federal Reserve Chairman Jerome Powell said during testimony before the House Financial Services Committee that the central bank is closely monitoring the coronavirus outbreak but also highlighted the resilience of the U.S. economy.

Crude oil prices edged higher Tuesday, rebounding from recent losses on reports the number of new cases coronavirus cases is slowing down. West Texas Intermediate crude oil futures for March ended up $0.37 or 0.8 percent at $49.94 a barrel.

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