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Singapore Stock Market Tipped To Snap Losing Streak

The Singapore stock market headed has moved lower in back-to-back trading days, sliding almost 30 points or 0.9 percent along the way. The Straits Times Index now rests just above the 3,285-point plateau although it may stop the bleeding on Monday.

The global forecast is positive thanks mainly to a surge in crude oil prices, while bargain hunting may also be in order. The European and U.S. markets were mostly in the green on Friday and the Asian markets are expected to follow that lead.

The STI finished modestly lower on Friday as losses from the financials and properties were mitigated by support from the plantations and industrials.

For the day, the index slid 12.60 points or 0.38 percent to finish at 3,287.40 after trading between 3,270.15 and 3,294.84. Volume was 2 billion shares worth 1.19 billion Singapore dollars. There were 200 gainers and 188 decliners.

Among the actives, Golden Agri-Resources surged 4.76 percent, while Singapore Press Holdings soared 2.69 percent, Wilmar International spiked 2.28 percent, StarHub jumped 1.86 percent, SingTel plummeted 1.27 percent, SembCorp Industries climbed 1.10 percent, Yangzijiang Shipbuilding perked 1.06 percent, Oversea-Chinese Banking Corporation tumbled 1.01 percent, CapitaLand skidded 0.92 percent, United Overseas Bank dropped 0.82 percent, Thai Beverage shed 0.65 percent, DBS Group lost 0.52 percent, CapitaLand Mall Trust fell 0.49 percent and Hutchison Port Holdings, Comfort DelGro, CapitaLand Commercial Trust and Genting Singapore all were unchanged.

The lead from Wall Street is cautiously optimistic as stocks moved mostly higher on Friday, although the NASDAQ ended in the red. The gains by the Dow allowed the blue chip index to avoid its longest losing streak in over forty years.

The Dow added 119.19 points or 0.49 percent to 24,580.89, while the NASDAQ fell 20.14 points or 0.26 percent to 7,692.82 and the S&P 500 rose 5.13 points or 0.19 percent to 2,754.89. For the week, the Dow slumped 2 percent, the NASDAQ lost 0.7 percent and the S&P slid 0.9 percent.

A rally by energy stocks fueled to the strength on Wall Street, as the price of crude oil spiked on news out of the closely watched OPEC meeting in Vienna. Reports said OPEC planned to increase oil production by about 1 million barrels per day, although a specific figure was not provided.

The uncertainty generated by the statement contributed to a sharp increase by the price of crude oil, with crude for August delivery soared $3.04 or 4.6 percent to $68.58 a barrel.

Traders largely shrugged off lingering trade concerns even as President Donald Trump threatened to impose a 20 percent tariff on all cars imported to the U.S. from the European Union.

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