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Singapore Stock Market Booming by Investment

Singapore shares closed 0.14 percent lower on Monday, as stagnant U.S. budget talks threatened to derail the world's largest economy and kept investors cautious, but price drop was limited as further signs of a stabilizing Chinese economy boosted investors' sentiment.

China's official manufacturing purchasing managers' index rose to a 7-month high of 50.6 in November, following up on a preliminary private sector survey which revealed factory activity reviving to a 13-month high.

A number of central banks, including the Reserve Bank of Australia, the European Central Bank and the Bank of England, will hold their policy meetings this week. The monthly U.S. nonfarm payrolls data is due out on this Friday.

SIAS Research said "we could see the index testing 3,080 points resistance level, with immediate support at 3,060 points and 3,040 points levels."

DBS Group Research said "trading activity should taper down over the next three weeks before picking up again just before Christmas. The Straits Times Index is likely to range within 3,030 points and 3,090 points over the next three weeks with firmer support noted at 2,980 points."

Singapore's benchmark Straits Times Index dropped 4.21 points to 3,065.74 points. Trading volume was 1.86 billion shares worth 1. 09 billion Singapore dollars. Decliners outnumbered advancers 220 to 158, while 582 stocks did not move.

Among top actives, Genting Singapore shed 3.1 percent to 1.24 Singapore dollars. Deutsche Bank Research has a "hold" rating and 1.27 Singapore dollars target price on Genting Singapore. The German research house lowered its growth estimate for Singapore's gaming market in 2013 to 3 percent, from 6 percent previously.

Olam International requested on Monday a trading halt in its shares for one day pending the release of an announcement. The Singapore commodity trader bought 100 percent of Dehydro Foods Limited, which processes dehydrated onions and herbs in Egypt, for 30.8 million Singapore dollars.

Singapore Airlines closed flat at 10.71 Singapore dollars. It said it was in discussions with interested parties for the possible divestment of its 49 percent stake in British carrier Virgin Atlantic. It did not name the interested parties, but Delta Air Lines had reportedly held recent talks to buy Singapore Airlines' 49 percent stake in Virgin Atlantic.

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