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Additional Support Predicted For Singapore Bourse

The Singapore stock market has climbed higher in back-to-back trading days, accelerating more than 60 points or 1.9 percent along the way. The Straits Times Index now rests just beneath the 3,225-point plateau and it's expected to extend its gains on Thursday.

The global forecast for the Asian markets is upbeat on easing coronavirus fears and rising crude oil prices. The European and U.S. markets were up and the Asian bourses are tipped to follow suit.

For the day, the index jumped 47.80 points or 1.51 percent to finish at the daily high of 3,223.37 after moving as low as 3,175.25. Volume was 1.90 billion shares worth 1.66 billion Singapore dollars. There were 297 gainers and 128 decliners.

Among the actives, City Developments surged 3.78 percent, while Mapletree Logistics Trust soared 2.66 percent, Thai Beverage and Mapletree Commercial Trust both spiked 2.61 percent, Yangzijiang Shipbuilding accelerated 2.54 percent, SembCorp Industries jumped 2.49 percent, Wilmar International climbed 2.47 percent, CapitaLand Commercial Trust gathered 2.45 percent, Oversea-Chinese Banking Corporation perked 2.32 percent, Genting Singapore advanced 1.74 percent, Singapore Exchange added 1.66 percent, CapitaLand Mall Trust gained 1.62 percent, United Overseas Bank collected 1.55 percent, DBS Group rose 1.32 percent, SingTel increased 1.21 percent, Singapore Technologies Engineering was up 1.19 percent, CapitaLand climbed 1.08 percent, Ascendas REIT gained 0.93 percent, Keppel Corp added 0.60 percent, Singapore Press Holdings gathered 0.49 percent and Comfort DelGro was unchanged.

The lead from Wall Street is positive as stocks made a strong move to the upside on Wednesday, adding to the modest gains in the previous session and sending the major averages to new record closing highs.

The Dow added 275.08 points or 0.94 percent to end at 29,551.42, while the NASDAQ rose 87.02 points or 0.90 percent to 9,725.96 and the S&P 500 gained 21.70 points or 0.65 percent to 3,379.45.

The rally on Wall Street came as traders pushed stocks to new record highs despite concerns about the economic impact of the coronavirus outbreak; a recent slowdown in the rate of growth in new infections has led to optimism the outbreak is being contained.

Traders also kept an eye on Federal Reserve Chairman Jerome Powell's testimony before the Senate Banking Committee. Powell said the Fed is closely monitoring the coronavirus outbreak but also highlighted the resilience of the U.S. economy.

Despite a jump in U.S. crude stockpiles last week, crude oil prices moved up sharply on Wednesday amid expectations that OPEC will significantly cut crude production. West Texas Intermediate Crude oil futures for March ended up $1.23 or 2.5 percent at $51.17 a barrel.

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