Singapore Hot Stocks-Commodities stocks fall on weaker oil
SINGAPORE, Sept 3 (Reuters) - Shares of commodities firms took a beating on Wednesday, reacting to a fall in oil prices after Hurricane Gustav's impact on the U.S. oil industry was seen limited.
Shares of Noble Group (NOBG.SI) fell by at least 4.2 percent to S$1.80, while Olam International (OLAM.SI) dropped as much as 5.7 percent to S$2.02. Palm oil processor Wilmar International (WLIL.SI), which fared slightly better than its peers, fell almost 2.2 percent to S$3.60.
"Most commodity shares have been affected after oil prices retracted," said a local dealer.
Oil CLc1 fell half a dollar to near $109 on Wednesday, extending its sharp losses this week.
0304 - Straits Times Index was down 0.86 percent.
CAPITALAND DOWN AFTER LEHMAN PRICE CUT
Shares of CapitaLand (CATL.SI) slumped by as much as 4.1 percent on Wednesday after Lehman Brothers cut its price target, citing concerns over Singapore's weakening property sector and over lack of potential growth in its listed property trusts.
Lehman cut its 12-month price target to S$5.30 from S$7.0.
At 0141, the firm was trading at $4.31 with nearly 2.3 million shares changing hands.
Lehman, which kept its "overweight" investment rating on the stock, said in a research note that CapitaLand may find it harder to buy assets to grow its REITS.
0143 GMT - Straits Times Index was down 0.61 percent. (Reporting by Brenda Goh; Editing by Saeed Azhar)
