Singapore Hot Stocks-Plantation firms rise on palm oil futures
SINGAPORE, Jan 5 (Reuters) - Shares of plantation firms such as Golden Agri (GAGR.SI) and Wilmar International (WLIL.SI) rose as much as 12.2 percent and 6.5 percent respectively on Monday on higher palm oil prices.
Benchmark palm oil prices in Malaysia KPOc3 rose 1.5 percent after crude oil climbed on worries over supplies after an Iranian military commander reportedly called for an oil boycott [O/R].
"Other than the rise in oil price, palm oil prices hit a 10-week high last week," said a local dealer, adding a rise in the share prices of Malaysian industry leader IOI Corp (IOIB.KL) also raised hopes for Singapore palm oil players.
Among Malaysian planters, IOI Corp (IOIB.KL) led gains and was up 9.2 percent by 0414 GMT while Sime Darby (SIME.KL) was up 4.6 percent.
Golden Agri surged by 10.2 percent to S$0.27 while Wilmar rose by 5.2 percent to S$3.23. Fellow commodity firm Noble Group (NOBG.SI) climbed 7.6 percent.
The benchmark Straits Times Index was up by 1.5 percent.
KEPPEL CORP, SEMBCORP MARINE
Shares of Keppel Corp (KPLM.SI) and Sembcorp Marine (SCMN.SI) gained as much as 5.8 percent and 4 percent, respectively, on Monday after oil prices surged on concerns over calls for an oil boycott and Russian gas supply.
Oil CLG9 jumped more than 3 percent on Monday after an Iranian military commander reportedly called oil producers to halt supplies to Israel's supporters over the latter's ground offensive in the Gaza Strip. There were also concerns over the deepening Russian gas supply row. [ID:nSP345640]
By 0130 GMT, Keppel Corp was up 5.8 percent at S$4.77 while Sembcorp Marine was up by 3.98 percent to S$1.83.
Oil refiner and retailer Singapore Petroleum Corp SPCS.SI rose 3.4 percent to S$2.42.
The benchmark Straits Times Index .FTSTI was up by 2.44 percent.
(Reporting by Laurence Tan; Editing by Kevin Lim)
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