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STOCKS NEWS SINGAPORE-Index up, Olam hits 6-month high
May 9, 2013 / 5:51 AM / 4 years ago

STOCKS NEWS SINGAPORE-Index up, Olam hits 6-month high

SINGAPORE, May 9 (Reuters) - Singapore shares rose to their highest in more than five years on Thursday, encouraged by global data and Wall Street’s extended record run.

The Straits Times index rose 0.6 percent to 3,433.96, the highest since January 2008, while the MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.2 percent.

Shares of Singapore-based agricultural commodities company Olam International Ltd gained as much as 2.6 percent to S$1.77, the highest since November 2012.

“There is improved expectation for commodity stocks, likely driven by recent good earnings,” said a trader, adding that investors are betting on the positive results of Olam’s third-quarter earnings due May 15.

Singapore palm oil company Wilmar International Ltd reported a 23 percent jump in first-quarter net profit.

Shares of Sembcorp Marine Ltd, the world’s second-largest builder of offshore oil rigs, rose as much as 2.1 percent to S$4.44, the highest since April 3, 2012.

Ezion Holdings Ltd, a Singapore-based offshore service provider, said its net profit for the first three months of the year more than tripled.

The company’s share price rose more than 2 percent to a one-month high of S$2.19.

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