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Singapore Stock Market Tipped To Open In The Green

The Singapore stock market on Tuesday snapped the three-day slide in which it had tumbled almost 80 points or 3.2 percent. The Straits Times Index now rests just above the 2,530-point plateau and it's expected to extend its gains on Wednesday.

The global forecast for the Asian markets is broadly positive on optimism for economic recovery as economies continue to reopen. The European and U.S. markets were up and the Asian bourses are tipped to open in similar fashion.

The STI finished sharply higher on Tuesday following gains from the financial shares, property stocks and industrial issues.

For the day, the index soared 30.47 points or 1.22 percent to finish at 2,530.30 after trading between 2,516.89 and 2,544.46.

Among the actives, City Development skyrocketed 3.66 percent, while Ascendas REIT surged 3.39 percent, Mapletree Logistics Trust soared 3.28 percent, Wilmar International spiked 3.17 percent, Singapore Technologies Engineering accelerated 2.59 percent, Mapletree Commercial Trust jumped 1.62 percent, Keppel Corp climbed 1.53 percent, Oversea-Chinese Banking Corporation gathered 1.41 percent, DBS Group perked 1.36 percent, United Overseas Bank collected 1.18 percent, CapitaLand advanced 1.05 percent, Singapore Airlines sank 0.83 percent, Thai Beverage added 0.78 percent, SingTel gained 0.76 percent, Singapore Exchange rose 0.71 percent, Genting Singapore increased 0.66 percent, Comfort DelGro lost 0.65 percent, CapitaLand Commercial Trust was up 0.62 percent and Yangzijiang Shipbuilding, SembCorp Industries and Singapore Press Holdings were unchanged.

The lead from Wall Street is upbeat as stocks opened firmly higher on Tuesday and remained well in the green throughout the session.

The Dow surged 529.95 points or 2.17 percent to finish at 24,995.11, while the NASDAQ added 15.63 points or 0.17 percent to 9,340.22 and the S&P 500 rose 36.32 points or 1.23 percent to end at 2,991.77.

The rally on Wall Street was fueled by optimism for a possible vaccine for the Covid-19 virus as U.S. biotech company Novavax said Monday it started the first human study of its experimental coronavirus vaccine and that it expects initial results on safety and immune responses in July.

There was also a positive reaction to news that several states are continuing to relax lockdown restrictions and reopening more businesses.

Crude oil prices moved higher on Tuesday amid rising optimism for improved energy demand. West Texas Intermediate Crude oil futures for July ended up $1.10 or 3.3 percent at $34.35 a barrel.

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