Commodity firms outperform sluggish Singapore market
SINGAPORE Jan 29 (Reuters) - Commodity firms outperformed the Singapore market as the index edged down ahead of the outcome of the U.S. Federal Reserve's two-day policy meeting through Wednesday.
Top performers on the index included Wilmar International Ltd and Golden Agri-Resources Ltd. Wilmar rebounded from a one-week decline, climbing as much as 1.6 percent to S$3.16, its biggest daily gain in nearly 10 weeks, while Golden Agri gained 2 percent to an intra-day high at S$0.52.
Better margins for overseas buyers and refiners from a weaker ringgit helped lift demand for palm oil even as fragile emerging markets and declining vegetable oil prices weighed on the palm market.
The benchmark Straits Times Index had slipped 0.7 percent to 3,040.2 as of 0510 GMT, while the MSCI's broadest index of Asia-Pacific shares outside Japan gained 1.3 percent.
Among other stocks, shares of CDL Hospitality Trusts rose 1.3 percent to S$1.61, their biggest daily gain in almost three weeks. The subsidiary of City Development Ltd on Tuesday said its 2013 fourth-quarter revenue and Distribution per Unit (DPU) rose 2.8 and 0.7 percent year-on-year respectively.
CIMB upgraded the stock to "add" from "hold", with a target price of S$1.79. CIMB said it expects CDL Hospitality's earnings to increase in financial year 2014, citing continued global recovery and trade exhibitions coming up in Singapore this year such as the airshow and Food & Hotel Asia.