Business

Singapore index up for third day straight, led by palm oil stock

Singapore stocks were headed for their third session of gains today, led by palm oil companies as a strong rise in the edible oil boosted their shares.

The benchmark Straits Times index was up 0.3% to 3,126.95 points as of 0350 GMT (11.50am MYT).

The broader Asian market rose on diplomatic efforts made to moderate the crisis over Ukraine. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.3%.

Golden Agri-Resources Ltd, which is most sensitive to palm oil prices among its peers due to its large free float, rose as much as 1.7% to a 3-1/2-month high of S$0.60 (RM1.54).

Wilmar International Ltd jumped 1.7% to a three-month high of S$3.55.

Malaysian palm oil futures hit a 17-month high yesterday as dry weather is expected to threaten production in Southeast Asia. Strong demand for blending from Indonesia's biofuel sector is expected to further boost prices, leading analyst Dorab Mistry said.

The worst performer on the index, Thai Beverage PCL, slumped more than 3% to S$0.60, snapping a four-day winning streak during which the stock surged nearly 22%. – Reuters, March 6, 2014.

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