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Singapore Stock Market Draws Another Firm Lead For Tuesday

The Singapore stock market has moved higher in consecutive trading days, gathering almost 20 points or 0.7 percent along the way. The Straits Times Index now rests just beneath the 2,540-point plateau and it may pad its winning streak on Tuesday.

The global forecast for the Asian markets is broadly positive on optimism for a possible vaccine to counter the Covid-19 virus. The European and U.S. markets were sharply higher and the Asian bourses are tipped to follow suit.

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

For the day, the index climbed 15.73 points or 0.62 percent to finish at 2,539.28 after trading between 2,524.66 and 2,551.63. Volume was 1.67 billion shares worth 1.02 billion Singapore dollars.

Among the actives, Singapore Airlines plummeted 4.62 percent, while CapitaLand Mall Trust surged 4.60 percent, Comfort DelGro soared 3.42 percent, Mapletree Commercial Trust and SembCorp Industries both spiked 3.33 percent, CapitaLand Commercial Trust accelerated 2.65 percent, Ascendas REIT jumped 2.07 percent, Keppel Corp climbed 1.67 percent, CapitaLand gathered 1.41 percent, Singapore Press Holdings perked 1.37 percent, Yangzijiang Shipbuilding advanced 1.09 percent, Oversea-Chinese Banking Corporation added 0.80 percent, Thai Beverage dropped 0.75 percent, Genting Singapore gained 0.68 percent, Singapore Exchange rose 0.61 percent, United Overseas Bank collected 0.57 percent, Mapletree Logistics Trust lost 0.55 percent, DBS Group increased 0.42 percent, SingTel was up 0.38 percent, Wilmar International eased 0.26 percent and Singapore Technologies Engineering was unchanged.

The lead from Wall Street is upbeat as stocks opened sharply higher on Monday and gathered even more steam as the session progressed, cutting into last week's losses.

The Dow surged 911.95 points or 3.85 percent to finish at 24,597.37, while the NASDAQ jumped 220.27 points or 2.44 percent to 9.234.83 and the S&P 500 spiked 90.21 points or 3.15 percent to end at 2,953.91.

The rally on Wall Street came after Moderna (MRNA) reported "positive" phase one results for a potential coronavirus vaccine. Shares of the firm spiked 20 percent after the bio-tech company said an early-stage human trial for a vaccine produced antibodies in all 45 participants.

Energy stocks also saw substantial strength on the day as crude oil prices moved higher on Monday on easing worries about outlook for energy demand. West Texas Intermediate crude oil futures for June ended up $2.39 or 8.1 percent at $31.82 a barrel.

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