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STOCKS NEWS SINGAPORE-Index slightly down; Mirach Energy, Rowsley outperform
August 19, 2013 / 5:37 AM / 4 years ago

STOCKS NEWS SINGAPORE-Index slightly down; Mirach Energy, Rowsley outperform

Singapore shares were slightly down on Monday, with investors waiting for the minutes of the Federal Reserve’s policy meeting, but Rowsley Ltd rose for the second day after a broker highlighted the potential upside for the stock.

The Straits Times Index was down 0.2 percent at 3,192.25, while MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.5 percent lower.

Shares of Golden Agri-Resources Ltd outperformed the market, rising as much as 2.9 percent. The stock had wallowed at three-year lows after the company reported a 58 percent fall in second-quarter net profit, hurt by lower palm oil prices.

Shares of Rowsley, Singapore billionaire Peter Lim’s investment firm, rose as much as 4.4 percent to S$0.475. More than 27 million shares were traded, 1.4 times the average full-day volume over the past 30 days.

Rowsley said last week it had received an in-principle approval from the Singapore Exchange for its deals valued at S$545 million ($428 million), including the proposed acquisition of vacant land in Malaysia’s Iskandar Development Region.

OCBC Investment Research said if the proposed deal succeeds, it estimated a value of S$0.67 to S$0.85 for each existing Rowsley share. If the deal fails, it valued each Rowsley share at around S$0.034 - the book value per share as of end-June.

Energy exploration and production firm Mirach Energy Ltd was the second-highest traded stock by value on Monday. The shares rose as much as 10 percent to S$0.385, the highest since July 22, with nearly 70 million shares traded.

Mirach, which operates assets in Cambodia and South Sumatra in Indonesia, reported last week net profit of $43,000 for its second quarter versus a loss of $1.4 million a year earlier.

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