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Singapore Stock Market Tipped To See Continued Support

The Singapore stock market has finished higher in back-to-back trading days, advancing almost 45 points or 1.5 percent along the way. The Straits Times Index now rests just beneath the 3,210-point plateau and it may add to its winnings again on Tuesday.

The global forecast for the Asian markets is upbeat, although the upside may be limited since they've already had the chance to respond to most of the catalysts, while plummeting oil proves may also cap the gains. Most European markets were closed and the U.S. bourses were sharply higher and the Asian markets also figure to open in the green.

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

For the day, the index climbed 28.06 points or 0.88 percent to finish at 3,209.74 after trading between 3,203.65 and 3,212.49. Volume was 2.59 billion shares worth 1.13 billion Singapore dollars. There were 338 gainers and 115 decliners.

Among the actives, Ascendas REIT advanced 0.98 percent, while CapitaLand gained 0.53 percent, CapitaLand Integrated Commercial Trust improved 0.46 percent, City Developments lost 0.48 percent, Comfort DelGro accelerated 2.29 percent, Dairy Farm International strengthened 0.23 percent, DBS Group gathered 1.07 percent, Keppel Corp rallied 2.04 percent, Mapletree Commercial Trust added 0.94 percent, Mapletree Logistics Trust perked 1.03 percent, Oversea-Chinese Banking Corporation collected 0.42 percent, SembCorp Industries spiked 5.35 percent, Singapore Exchange increased 0.30 percent, Singapore Press Holdings skyrocketed 5.99 percent, Singapore Technologies Engineering climbed 1.29 percent, SingTel jumped 1.64 percent, Thai Beverage surged 3.97 percent, United Overseas Bank rose 0.47 percent, Wilmar International was up 0.18 percent, Yangzijiang Shipbuilding soared 2.33 percent and SATS, Singapore Airlines, Genting Singapore and Venture Corporation were unchanged.

The lead from Wall Street is broadly positive as the major averages opened higher and saw the gains accelerate at the session progressed.

The Dow climbed 373.98 points or 1.13 percent to finish at 33,527.19, while the NASDAQ jumped 225.49 points or 1.67 percent to end at 13,705.59 and the S&P 500 rallied 58.04 points or 1.44 percent to close at 4,077.91.

The rally on Wall Street came as traders finally had an opportunity to react to the much stronger than expected monthly jobs report, which was released while the markets were closed on Friday.

Stocks saw further upside when the Institute for Supply Management said its reading on activity in the service sector soared to an all-time high in March.

Crude oil prices sank sharply Monday, weighed down by the decision from major oil producers to increase production beginning in May. West Texas Intermediate Crude oil futures for May dropped $2.80 or 4.6 percent at $58.65 a barrel.

Closer to home, Singapore will see March results for its private sector PMI from Markit Economics later this morning; in February, the index score was 54.9.

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