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Mild Consolidation Tipped For Singapore Bourse

The Singapore stock market has climbed higher in two straight sessions, gathering more than 180 points or 7.5 percent along the way. The Straits Times Index now rests just above the 2,570-point plateau although it may spin its wheels on Wednesday.

The global forecast for the Asian markets is soft thanks to plummeting crude oil prices, while profit taking is also likely on the docket. 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 sharply higher on Tuesday with gains across the board - especially among the properties, financials and industrials.

For the day, the index soared 101.30 points or 4.10 percent to finish at the daily high of 2,571.89 after moving as low as 2,502.33. Volume was 1.78 billion shares worth 1.98 billion Singapore dollars. There were 386 gainers and 84 decliners.

Among the actives, City Developments skyrocketed 11.27 percent, while SATS surged 10.03 percent, CapitaLand soared 8.39 percent, Ascendas REIT spiked 7.87 percent, Comfort DelGro accelerated 7.80 percent, CapitaLand Mall Trust jumped 7.41 percent, Mapletree Commercial Trust climbed 6.96 percent, CapitaLand Commercial Trust gathered 6.43 percent, DBS Group perked 5.76 percent, Mapletree Logistics Trust and UOL both advanced 5.16 percent, Genting Singapore added 5.07 percent, Yangzijiang Shipbuilding gained 3.98 percent, United Overseas Bank rose 3.44 percent, Singapore Technologies Engineering increased 3.30 percent, Singapore Press Holdings was up 3.23 percent, Keppel Corp climbed 2.90 percent, Singapore Exchange advanced 2.68 percent, Oversea-Chinese Banking Corporation collected 2.53 percent, Thai Beverage added 2.36 percent, SingTel gained 2.30 percent, Wilmar International rose 2.06 percent and SembCorp was up 1.94 percent.

The lead from Wall Street is slightly soft as stocks opened sharply higher on Tuesday but faded as the day progressed, sending the major averages slightly into the red.

The Dow eased 26.13 points or 0.12 percent to finish at 22,653.86, while the NASDAQ lost 25.98 points or 0.33 percent to 7,887.26 and the S&P 500 fell 4.27 points or 0.16 percent to end at 2,659.41.

The initial strength on Wall Street came as traders reacted to recent signs that the spread of the coronavirus is slowing in hot spots such as New York.

But buying interest waned shortly after the start of trading, however, with traders taking profits after seeing Monday's strong rally as overdone.

Crude oil futures ended sharply lower Tuesday after the Energy Information Administration lowered its forecast for crude oil prices for the year. West Texas Intermediate Crude oil futures for May ended down $2.45 or 9.4 percent at $23.63 a barrel.

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