Wilmar tops gainers in strong market
UPDATED @ 03:04:29 PM 20-06-2012
SINGAPORE, June 20 — Singapore shares rose for the fourth session in a row, with palm oil firm Wilmar International Ltd surging to a three-week high after its recent underperformance.
The Straits Times Index was up 0.4 per cent at 2,853.4 points, while MSCI's broadest index of Asia Pacific shares outside Japan added 0.5 per cent.
Wilmar rose as much as 7 per cent to S$3.80, the highest since May 28 and crossed its 20-day moving average. Traders cited no specific company-related developments but market appetite for commodity stocks has improved this week.
More than 15 million Wilmar shares were traded, 1.4 times the average full-day volume over the past 30 days. With its shares falling more than 20 per cent this year, Wilmar is still the biggest decliner in a market up 8 per cent this year. Wilmar's first-quarter results announced in May disappointed investors.
Among other gainers, shares of Aussino Group Ltd surged as much as 26 per cent and have doubled since the bed linen firm said on Monday it would enter Myanmar's petrol kiosk business. Aussino was among the top 10 traded stocks by volume in Singapore. — Reuters