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Additional Support Predicted For Singapore Shares

The Singapore stock market on Monday halted the three-day slide in which it had fallen more than 20 points or 0.8 percent. The Straits Times Index now rests just above the 2,550-point plateau and it may extend its gains on Tuesday.

The global forecast for the Asian markets is upbeat on optimism for economic recovery following the Covid-19 measures. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to follow the latter lead.

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

For the day, the index spiked up 40.11 points or 1.60 percent to finish at 2,550.86 after trading between 2,516.46 and 2,578.27. Volume was 2.18 billion shares worth 2.11 billion ringgit. There were 322 gainers and 161 decliners.

Among the actives, Hongkong Land Holdings skyrocketed 8.24 percent, while City Developments surged 5.20 percent, SembCorp Industries soared 3.68 percent, Yangzijiang Shipbuilding spiked 3.19 percent, Singapore Press Holdings accelerated 3.13 percent, Comfort DelGro jumped 3.09 percent, CapitaLand climbed 2.77 percent, Mapletree Commercial Trust gathered 2.50 percent, Thai Beverage perked 2.38 percent, Mapletree Logistics Trust tumbled 1.95 percent, Genting Singapore advanced 1.91 percent, Singapore Exchange added 1.69 percent, Singapore Airlines gained 1.57 percent, Wilmar International skidded 1.51 percent, CapitaLand Mall Trust rose 1.48 percent, United Overseas Bank increased 1.44 percent, SingTel was up 1.20 percent, Oversea-Chinese Banking Corporation collected 1.17 percent, CapitaLand Commercial Trust added 1.14 percent, SATS gained 1.13 percent, DBS Group rose 0.98 percent, Ascendas REIT increased 0.96 percent, Singapore Technologies Engineering perked 0.94 percent and Keppel Corp was up 0.85 percent.

The lead from Wall Street is positive as stocks extended last week's gains on Monday, sending the major averages to multi-month closing highs.

The Dow added 91.91 points or 0.36 percent to finish at 25,475.02, while the NASDAQ gained 62.18 points or 0.66 percent to end at 9,552.05 and the S&P 500 rose 11.42 points or 0.38 percent to close at 3,055.73.

The continued strength on Wall Street followed a report from the Institute for Supply Management showing U.S. manufacturing activity contracted at a slower rate last month. Also, the Commerce Department showed a less than expected pullback in U.S. construction spending in April.

Traders remain generally optimistic about economies reopening despite political unrest across the country following the death of George Floyd, which has forced a number of major retailers to temporarily close their stores in areas hit hard by protests.

Crude oil prices ticked lower on Monday as traders looked ahead to an upcoming meeting of the OPEC+ group as early as Thursday to discuss output. Crude for July delivery edged down $0.05 to $35.44 a barrel on the day.

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