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Singapore Bourse May Add To Its Winnings

The Singapore stock market has moved higher in back-to-back trading days, surging more than 270 points or 12 percent along the way. The Straits Times Index now rests just above the 2,500-point plateau and it's looking at another green light for Thursday's trade.

The global forecast for the Asian markets is positive on continued optimism for stimulus in response to the coronavirus pandemic. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.

The STI finished with large gains on Wednesday with gains across the board - especially from the financials, properties and industrials.

For the day, the index soared 143.42 points or 6.07 percent to finish at 2,505.47 after trading between 2,390.71 and 2,510.76. Volume was 1.87 billion shares worth 2.29 billion Singapore dollars. There were 385 gainers and 122 decliners.

Among the actives, Mapletree Commercial Trust skyrocketed 12.50 percent, while Ascendas REIT surged 10.98 percent, Singapore Airlines soared 10.36 percent, Genting Singapore spiked 9.73 percent, CapitaLand Mall Trust accelerated 9.41 percent, Wilmar International jumped 7.95 percent, CapitaLand climbed 7.72 percent, CapitaLand Commercial Trust gathered 7.53 percent, Mapletree Logistics perked 7.25 percent, Oversea-Chinese Banking Corporation jumped 6.98 percent, DBS Group climbed 6.64 percent, Thai Beverage advanced 6.60 percent, United Overseas Bank collected 6.49 percent, Singapore Technologies Engineering added 6.21 percent, SingTel gained 5.26 percent, Singapore Exchange rose 4.19 percent, Comfort DelGro increased 4.08 percent, Keppel Corp picked up 3.05 percent and SembCorp Industries was up 2.58 percent.

The lead from Wall Street is cautiously optimistic as stocks moved sharply higher on Wednesday before giving ground late in the session to end mixed.

The Dow jumped 495.64 points or 2.39 percent to finish at 21,200.55, while the NASDAQ fell 33.56 points or 0.45 percent to 7,384.29 and the S&P 500 climbed 28.23 points or 1.15 percent to 2,475.56.

Stocks moved sharply higher earlier in the session in reaction to news that Senate leaders and the White House have reached an agreement on the $2 trillion stimulus bill - but a potential snag over jobless benefits could delay its passage, sending stocks lower in the afternoon.

The Senate could pass the bill as soon as today, although the stimulus package would still need to be approved by the Democrat-controlled House before heading to President Donald Trump's desk.

Crude oil prices moved higher on Wednesday after a decline in weekly gasoline inventories. Optimism about the passage of the massive $2 trillion stimulus bill also contributed to oil's rise in the session. West Texas Intermediate crude oil futures for May ended up $0.48 or 2 percent at $24.49 a barrel.

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