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Singapore Stock Market May Add To Its Winnings

The Singapore stock market on Monday wrote a finish to the two-day losing streak in which it had stumbled more than 20 points or 0.6 percent. The Straits Times Index now rests just beneath the 3,140-point plateau and it's got another green light again on Tuesday.

The global forecast for the Asian markets is upbeat on renewed optimism about a trade deal between the United States and China. The European and U.S. markets were up and the Asian bourses are tipped to follow that lead.

The STI finished modestly higher on Monday following gains from the industrials and a mixed performance from the financial sector.

For the day, the index picked up 24.99 points or 0.80 percent to finish at 3,139.15 after trading between 3,111.12 and 3,147.41. Volume was 903.65 million shares worth 923.36 million Singapore dollars. There were 200 gainers and 152 decliners.

Among the actives, SembCorp Industries skyrocketed 10.10 percent, while Singapore Press Holdings surged 4.65 percent, Yangzijiang Shipbuilding soared 3.19 percent, Thai Beverage spiked 2.78 percent, SingTel accelerated 2.22 percent, Mapletree Commercial Trust jumped 1.27 percent, Genting Singapore climbed 1.09 percent, Ascendas REIT advanced 0.96 percent, CapitaLand added 0.84 percent, Comfort DelGro gained 0.83 percent, Oversea-Chinese Banking Corporation dropped 0.65 percent, Wilmar International rose 0.56 percent, United Overseas Bank collected 0.50 percent, Singapore Exchange shed 0.49 percent, CapitaLand Commercial Trust lost 0.48 percent, CapitaLand Mall Trust was up 0.38 percent and Keppel Corp, DBS Group, Singapore Technologies and Golden Agri-Resources were unchanged.

The lead from Wall Street is positive as stocks moved higher on Monday, sending the major averages to their best closing levels in a month.

The Dow added 57.44 points or 0.21 percent to 26,827.64, while the NASDAQ gained 73.44 points or 0.91 percent to 8,162.99 and the S&P 500 rose 20.52 points or 0.69 percent to 3,006.72.

The strength on Wall Street came amid renewed optimism about the completion of phase one of a U.S.-China trade deal following encouraging comments from President Donald Trump and Chinese Vice Premier Liu He.

Strong corporate results from last week also made traders hopeful as earnings season gets into full swing in the coming days, including the likes of McDonald's (MCD), Procter & Gamble (PG), UPS (UPS), Caterpillar (CAT), eBay (EBAY), Ford (F), Microsoft (MSFT), Tesla (TSLA), Twitter (TWTR) and Amazon (AMZN).

Crude oil futures drifted lower on Monday on worries that a global economic slowdown could threaten near term energy demand. West Texas Intermediate Crude oil futures for November fell $0.47 or 0.9 percent at $53.31 a barrel.

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