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Singapore Stock Market May Add To Its Winnings On Thursday

The Singapore stock market rebounded on Wednesday, one session after it had ended the five-day winning streak in which it had summoned more than 110 points or 4.4 percent. The Straits Times Index now rests just beneath the 2,670-point plateau and it's called higher again on Thursday.

The global forecast for the Asian markets is cautiously optimistic, with optimism for economic recovery tempered by renewed coronavirus fears. The European markets were down and the U.S. markets were up and the Asian markets figure to split the difference.

The STI finished modestly higher on Wednesday as gains from the financials and industrials were capped by weakness from the property sector.

For the day, the index collected 8.07 points or 0.30 percent to finish at 2,669.49 after trading between 2,653.02 and 2,677.40. Volume was 2.03 billion shares worth 1.04 billion Singapore dollars.

Among the actives, SATS plummeted 2.36 percent, while Thai Beverage plunged 2.07 percent, Wilmar International surged 1.43 percent, Keppel Corp soared 1.16 percent, CapitaLand Commercial Trust tumbled 1.10 percent, Mapletree Logistics Trusts spiked 1.00 percent, Oversea-Chinese Banking Corporation jumped 0.97 percent, Singapore Technologies Engineering dropped 0.89 percent, United Overseas Bank collected 0.77 percent, Ascendas REIT and Singapore Exchange both advanced 0.61 percent, DBS Group and SembCorp Industries both climbed 0.55 percent, Singapore Airlines sank 0.52 percent, Mapletree Commercial Trust added 0.51 percent, SingTel gained 0.40 percent, CapitaLand and City Developments both shed 0.34 percent, Venture Corporation fell 0.06 percent and Yangzijiang Shipbuilding, Genting Singapore, CapitaLand Mall Trust, Singapore Press Holdings and Comfort DelGro all were unchanged.

The lead from Wall Street is positive as stocks fluctuated early Wednesday before moving firmly to the upside as the day progressed.

The Dow gained 177.10 points or 0.68 percent to finish at 26,067.28, while the NASDAQ spiked 148.61 points or 1.44 percent to end at 10,492.50 and the S&P 500 collected 24.62 points or 0.78 percent to close at 3,169.94.

The choppy trading seen for much of the session came amid relatively light volume, with a lack of major U.S. economic news keeping traders on the sidelines.

The NASDAQ continued to benefit from strong gains by tech giants like Apple (AAPL), which surged 2.3 percent after Deutsche Bank raised its price target on the company's stock. Gains by Amazon (AMZN), Netflix (NFLX) and Facebook (FB) also helped lift the tech-heavy index to a new record closing high.

Crude oil prices rose Wednesday as a slightly higher demand forecast for next year by the Energy Information Administration helped offset a sharp jump in crude inventories last week. West Texas Intermediate Crude oil futures for August ended up $0.28 or 0.7 percent at $40.90 a barrel.

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