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Rebound Tipped For Singapore Stock Market

The Singapore stock market on Monday halted the three-day winning streak in which it had gathered more than 25 points or 0.8 percent. The Straits Times Index now rests just above the 3,345-point although it may see renewed if mild upside on Tuesday.

The global forecast for the Asian markets is positive on the anticipation of solid earnings news. The European and U.S. markets were up and the Asian bourses are also tipped to open in the green.

The STI finished modestly lower on Monday as losses from the properties were offset by support from the financial sector.

For the day, the index lost 9.39 points or 0.28 percent to finish at 3,347.95 after trading between 3,337.67 and 3,359.32. Volume was 1.37 billion shares worth 875.59 million Singapore dollars. There were 217 decliners and 200 gainers.

Among the actives, Singapore Press Holdings plummeted 6.83 percent, while Thai Beverage plunged 2.31 percent, Wilmar International soared 1.86 percent, Ascendas REIT tumbled 1.29 percent, SingTel skidded 1.13 percent, Comfort DelGro dropped 1.07 percent, Genting Singapore sank 0.54 percent, DBS Group collected 0.47 percent, CapitaLand shed 0.27 percent, Singapore Exchange fell 0.13 percent, United Overseas Bank added 0.11 percent, Oversea-Chinese Banking Corporation rose 0.09 percent and Yangzijiang Shipbuilding, Keppel Corp, Singapore Technologies Engineering, CapitaLand Mall Trust, SembCorp Industries, CapitaLand Commercial Trust, Golden Agri-Resources and Hutchison Port Holdings all were unchanged.

The lead from Wall Street is cautiously optimistic as stocks showed a lack of direction on Monday before the major averages finally inched higher to fresh record closing highs.

The Dow added 27.13 points or 0.10 percent to 27,359.16, while the NASDAQ rose 14.04 points or 0.17 percent to 8,258.19 and the S&P 500 gained 0.53 points or 0.02 percent to 3,014.30.

The markets saw a positive reaction to earnings news from Citigroup (C), with the financial giant reporting second quarter results that beat analyst estimates on both the top and bottom lines.

Goldman Sachs (GS), Johnson & Johnson (JNJ), JPMorgan (JPM), Kraft Heinz (KHC), IBM (IBM), Microsoft (MSFT), and America Express (AXP) are also due to report their results this week.

In economic news, the Federal Reserve Bank of New York said that regional manufacturing activity rebounded modestly in July.

Crude oil futures edged lower Monday on concerns about energy demand growth. West Texas Intermediate crude oil futures for August ended down $0.63 or 1.1 percent at $59.58 a barrel.

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