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Singapore Bourse: Resistance Expected At 3,000 Points

The Singapore stock market has moved higher in five straight sessions, gathering more than 150 points or 5.3 percent along the way. The overbought Straits Times Index now sits just beneath the 3,000-point plateau and it's got another positive lead for Monday.

The global forecast for the Asian markets suggests a higher open on hopes for additional stimulus and surging oil prices. The European and U.S. markets were up on Friday and the Asian bourses are tipped to at least open in similar fashion.

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

For the day, the index soared of 86.22 points or 2.97 percent to finish at the daily high of 2,993.19 after moving as low as 2,933.71. Volume was 2.55 billion shares worth 2.13 billion Singapore dollars. There were 321 gainers and 202 decliners.

Among the actives, DBS Group skyrocketed 5.26 percent, while United Overseas Bank surged 4.31 percent, Oversea-Chinese Banking Corporation soared 3.97 percent, Dairy Farm International spiked 3.28 percent, Singapore Exchanged accelerated 3.20 percent, Yangzijiang Shipbuilding rallied 3.03 percent, SembCorp Industries jumped 2.82 percent, Mapletree Commercial Trust climbed 2.79 percent, Thai Beverage gathered 2.74 percent, CapitaLand Integrated Commercial Trust perked 2.71 percent, City Developments plummeted 2.65 percent, Singapore Technologies Engineering advanced 2.61 percent, SingTel added 2.50 percent, CapitaLand gained 2.40 percent, Keppel Corp rose 1.81 percent, Comfort DelGro strengthened 1.79 percent, Singapore Press Holdings increased 1.75 percent, Ascendas REIT improved 1.33 percent, Genting Singapore and Singapore Airlines both collected 1.17 percent, Mapletree Logistics Trust was up 0.50 percent, SATS rose 0.25 percent and Wilmar International and CapitaLand Commercial Trust were unchanged.

The lead from Wall Street is upbeat as stocks fluctuated on Friday but managed to finish firmly in the green, sending the major averages to fresh record closing highs.

The Dow rose 56.84 points or 0.18 percent to finish at 31,097.97, while the NASDAQ jumped 134.50 points or 1.03 percent to end at 13,201.98 and the S&P 500 gained 20.89 percent or 0.55 percent to close at 3,824.68. For the week, the Dow rose 1.8 percent, the NASDAQ gained 2.4 percent and the S&P added 1.6 percent.

The markets benefited from optimism that a Democrat-controlled government will lead to more fiscal stimulus and a better handling of the coronavirus vaccine rollout.

Traders were also reacting to a closely watched Labor Department report showing an unexpected decrease in U.S. employment in December - which may provide more ammunition for Democrats to pursue additional stimulus.

Crude oil prices rose sharply on Friday, as recent data showing a drop in U.S. crude stockpiles, and Saudi Arabia's decision to cut output continued to support the commodity. West Texas Intermediate Crude oil futures for February ended up by $1.41 or 2.8 percent at $52.24 a barrel.

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