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Singapore Stock Market May Run Out Of Steam

The Singapore stock market has moved higher in two straight sessions, gathering more than 45 points or 1.5 percent along the way. The Straits Times Index now rests just above the 3,160-point plateau although the rally may stall on Wednesday.

The global forecast for the Asian markets is mixed to lower, thanks to renewed uncertainty regarding Brexit. The European markets were up and the U.S. bourses were down and the Asian markets are predicted to follow the latter lead.

The STI finished modestly higher on Tuesday following gains from the plantations and mixed performances from the financials and properties.

For the day, the index climbed 21.52 points or 0.69 percent to finish at 3,160.67 after trading between 3,150.29 and 3,173.70. Volume was 1.02 billion shares worth 1.14 billion Singapore dollars. There were 185 gainers and 184 decliners.

Among the actives, Keppel Corp skyrocketed 14.38 percent, while SembCorp Industries plummeted 2.62 percent, Golden Agri-Resources surged 2.44 percent, Hongkong Land soared 2.23 percent, Singapore Press Holdings plummeted 2.22 percent, Wilmar International spiked 2.22 percent, Singapore Exchange and UOL Group both accelerated 1.71 percent, Yangzijiang Shipbuilding tumbled 1.55 percent, SingTel jumped 1.24 percent, CapitaLand Mall Trust skidded 1.13 percent, Mapletree Commercial Trust dropped 0.83 percent, Genting Singapore climbed 0.54 percent, Thai Beverage shed 0.54 percent, DBS Group collected 0.52 percent, CapitaLand Commercial Trust lost 0.49 percent, Oversea-Chinese Banking Corporation advanced 0.37 percent, Ascendas REIT added 0.32 percent, CapitaLand gained 0.28 percent, Singapore Technologies Engineering fell 0.26 percent, United Overseas Bank slid 0.23 percent and Comfort DelGro was unchanged.

The lead from Wall Street soft as stocks were lackluster for much of Tuesday's trade, eventually sliding into negative territory as the day progressed.

The Dow shed 39.54 points or 0.15 percent to end at 26,788.10, while the NASDAQ lost 58.69 points or 0.72 percent to 8,104.30 and the S&P 500 fell 10.73 points or 0.36 percent to 2,995.99.

The pullback reflected renewed uncertainty about Brexit after U.K. lawmakers voted to move ahead with legislation related to Britain's withdrawal from the European Union but then voted against a shortened time frame to review the bill.

The choppy trading earlier in the session came as traders digested the latest batch of earnings news, with mixed results pulling the markets in opposite directions as McDonald's (MCD) and UPS (UPS) disappointed while Procter & Gamble (PG) and United Technologies (UTX) beat the street.

In economic news, the National Association of Realtors said existing home sales pulled back by much more than anticipated in September.

Crude oil prices moved up sharply on Tuesday, buoyed by reports that OPEC will announce more output reductions in December. West Texas Intermediate Crude oil futures for November contracts expired at $54.16 a barrel, gaining $0.85 or 1.6 percent for the session.

Closer to home, Singapore will see September inflation figures later today; in August, consumer prices rose 0.5 percent both on month and on year.

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