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Singapore Stock Market May Add To Its Winnings

The Singapore stock market has climbed higher in two of three volatile trading days since the end of the seven-day losing streak in which it had plummeted more than 21 percent. The Straits Times Index now rests just above the 2,360-point plateau and it's looking at another firm lead for Wednesday's trade.

The global forecast for the Asian markets is broadly positive on optimism that a massive stimulus bill from the U.S. Congress is close at hand. The European and U.S. markets finished with huge gains and the Asian bourses are now tipped to open in the green.

The STI finished with major gains on Tuesday with gains in all sectors - especially the financials, property stocks and industrials.

For the day, the index spiked 128.57 points or 5.76 percent to finish at 2,362.05 after trading between 2,291.25 and 2,372.35. Volume was 1.5 billion shares worth 1.94 billion Singapore dollars. There were 372 gainers and 139 decliners.

Among the actives, Mapletree Logistics Trust skyrocketed 11.29 percent, while Singapore Airlines surged 9.89 percent, SingTel surged 8.33 percent, DBS Group soared 7.88 percent, Genting Singapore spiked 7.62 percent, Ascendas REIT accelerated 7.42 percent, United Overseas Bank perked 7.00 percent, Oversea-Chinese Banking Corporation collected 6.40 percent, Thai Beverage gathered 6.00 percent, CapitaLand jumped 5.84 percent, CapitaLand Commercial Trust climbed 5.80 percent, Singapore Exchange advanced 5.79 percent, Comfort DelGro added 5.76 percent, CapitaLand Mall Trust gained 5.59 percent, Keppel Corp rose 4.59 percent, Wilmar International increased 4.14 percent, Yangzijiang Shipbuilding added 3.82 percent, Mapletree Commercial Trust gained 3.70 percent, Singapore Technologies Engineering rose 3.57 percent, Singapore Press Holdings increased 2.42 percent and SembCorp Industries was up 1.97 percent.

The lead from Wall Street suggests major upside as stocks skyrocketed on Tuesday, cutting into the losses suffered in recent weeks due to concerns over the coronavirus.

The Dow skyrocketed 2,112.98 points or 11.37 percent to end at 20,704.91, while the NASDAQ soared 557.18 points or 8.12 percent to 7,417.86 and the S&P 500 surged 209.93 points or 9.3 percent to 2,447.33.

The rally on Wall Street came amid indications Democrats and Republicans are closing in on an agreement on a massive fiscal stimulus bill. Democrats are still pushing for increased oversight of a proposed $500 billion bailout fund to help industries that are struggling amid the coronavirus outbreak.

Traders were also reacting to President Donald Trump's comments suggesting the coronavirus-related shutdown of much of the country could end sooner than many anticipated - although that flies in contrast to what most health experts say.

Crude oil prices were higher Tuesday, extending gains from the previous session thanks to the Federal Reserve's massive asset-buying scheme. Optimism for a $2 trillion fiscal stimulus bill added to the positive sentiment. West Texas Intermediate Crude oil futures for May ended up $0.65 or 2.8 percent at $24.01 a barrel.

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