Singapore shares were little changed, but Olam International Ltd outperformed the market as investors took short-seller Muddy Waters’ latest salvo against the commodities trader in stride.
The Straits Times Index was flat at 2,958.00 points, while MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.2 percent.
Muddy Waters stepped up its battle against Olam with a letter criticising the commodities trader’s debt and cash burn, but investors noted the firm had not published the type of long, detailed report that typically launched previous attacks.
Shares of Olam rose as much as 5.6 percent on Wednesday, rebounding from a 7.5 percent fall the previous day. Some 91.6 million shares were traded, 6.3 times the average full-day volume over the past 30 days.
Shares of Yoma Strategic Holdings Ltd extended gains from the previous day after the Myanmar-focused property developer launched a share sale which coincided with U.S. President Barack Obama’s historic visit to the country.
Yoma shares surged as much as 11 percent on volume of more than 64 million shares, 2.9 times the average full-day volume over the past 30 days.
Olam and Yoma were the top two traded stocks by value in the Singapore market on Wednesday.