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Rebound Anticipated For Singapore Bourse

The Singapore stock market headed south again on Wednesday, one day after it had ended the three-day slide in which it had tumbled almost 80 points or 3.2 percent. The Straits Times Index now rests just beneath the 2,520-point plateau although it figures to bounce higher again on Thursday.

The global forecast for the Asian markets is upbeat on optimism for reopening economies and the possibility of further stimulus. The European and U.S. markets were up and the Asian bourses are tipped to open in similar fashion.

The STI finished modestly lower on Wednesday as losses from the property stocks were mitigated by support from the industrials and a mixed picture from the financial sector.

For the day, the index sank 10.82 points or 0.43 percent to finish at 2,519.48 after trading between 2,509.59 and 2,537.79.

Among the actives, Singapore Exchange plummeted 11.62 percent, while Singapore Airlines soared 4.44 percent, Hongkong Land Holdings surged 4.30 percent, Yangzijiang Shipbuilding spiked 2.72 percent, Genting Singapore accelerated 2.63 percent, Wilmar International jumped 2.05 percent, SembCorp Industries climbed 2.00 percent, SingTel tumbled 1.50 percent, Singapore Press Holdings skidded 1.34 percent, Keppel Corp gathered 0.67 percent, CapitaLand Commercial Trust dropped 0.61 percent, Mapletree Logistics Trust advanced 0.53 percent, Mapletree Commercial Trust shed 0.51 percent, SATS sank 0.35 percent, Ascendas REIT lost 0.33 percent, Singapore Technologies Engineering fell 0.32 percent, Oversea-Chinese Banking Corporation eased 0.23 percent, United Overseas Bank collected 0.05 percent and DBS Group, CapitaLand Mall Trust, Thai Beverage, Comfort DelGro and CapitaLand all were unchanged.

The lead from Wall Street is firm as stocks moved mostly higher on Wednesday and ended solidly in the green to hit multi-month closing highs.

The Dow surged 553.16 points or 2.21 percent to finish at 25,548.27, while the NASDAQ added 72.14 points or 0.77 percent to end at 9,412.36 and the S&P 500 gained 44.36 points or 1.48 percent to close at 3,036.13.

The strength on Wall Street came as traders continued to express optimism about a quick economic recovery as the country reopens following the coronavirus lockdown.

Adding to the positive sentiment was news that the European Commission plan to launch a massive recovery fund for the euro region to help limit the damage inflicted by the coronavirus pandemic.

Crude oil prices drifted lower on Wednesday as worries about energy demand outlook resurfaced due to rising tensions between the U.S. and China. West Texas Intermediate crude oil futures for July sank $1.54 or 4.5 percent at $32.81 a barrel.

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