Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-DBS weighs on benchmark index

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STOCKS NEWS SINGAPORE-DBS weighs on benchmark index Apr 3rd 2012, 04:00 Tue Apr 3, 2012 12:00am EDT Singapore shares edged up by midday, supported by better-than-expected manufacturing data from the United States, but gains were limited by a decline in DBS Group Holdings Ltd . The benchmark Straits Times Index (STI) was up 0.1 percent at 3,019.2, easing from an intraday high of 3,033.1. Shares of DBS, Southeast Asia's largest bank, fell as much as 4 percent to a seven-week low, a day after announcing a plan to buy Bank Danamon Indonesia for $7.2 billion. By midday, DBS was down 3.2 percent at S$13.73, with more than 12.7 million shares traded, making it the most actively traded stock by value. "At this stage, I think a counterbid is unlikely because it seems to be quite a fair deal," said Andrew Chow, head of research at brokerage UOB Kay Hian. "Indonesia is very attractive and in the bigger scheme of things, the valuation that they pay is not bad. The timeline to complete the deal is also quite fast, so I don't think they want to drag it on." For related story, click: 1155 (0345 GMT) (Reporting by Charmian Kok and Eveline Danubrata in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 11:02 STOCKS NEWS SINGAPORE-OCBC upgrades Venture Corp to buy OCBC Investment Research upgraded Singapore electronics contract manufacturer Venture Corp Ltd to buy from hold and raised its target price to S$9.41 from S$7.83, on signs of an improving global economy. Venture's shares were up 0.8 percent at S$8.67, and have gained nearly 40 percent so far this year. OCBC said manufacturing data from China and the U.S. have been stronger than expected, indicating that conditions in the technology and manufacturing sector will improve. The broker expects Venture's earnings to improve after the seasonally-weak first quarter, helped by new product launches and better relations with its key customers. "Venture is well-positioned to acquire new customers and gain market share from competitors as it continues its strategic focus on moving up the technological value chain," OCBC said. 1056 (0256 GMT) (Reporting by Leonard How in Singapore; leonard.how@thomsonreuters.com) ************************************************************ 10:10 STOCKS NEWS SINGAPORE-JEL jumps after tycoon's investment Shares of consumer goods distributor JEL Corp (Holdings) Ltd soared as much as 44 percent to a 3-year high on expectations the company's new majority shareholder, a Singapore billionaire tycoon, will help improve its operations. JEL shares rose 33 percent to S$0.024 after jumping 64 percent on Monday. About 128 million shares were traded, 2.6 times the average daily volume traded over the last five sessions. JEL was the second-most actively traded stock by volume. The loss-making firm, currently on the watch-list of the Singapore Exchange, said on Friday that Goi Seng Hui, also known as Sam Goi, will acquire 2 billion new shares in JEL at about S$0.007 each. This will give him a 57.8 percent stake in JEL. "Sam Goi will have a pretty large stake in JEL, and investors are hoping that this will turnaround the company," said a trader. Goi, a food tycoon, was Singapore's twelfth richest person with a net worth of $1.2 billion, according to Forbes last year. For related story, click: 0951 (0151 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok.thomsonreuters.com) ************************************************************ 08:48 STOCKS NEWS SINGAPORE-Index futures rise 0.4 pct Singapore index futures were up 0.4 percent on Tuesday, signalling the benchmark Straits Times Index will open higher. Asian shares rose in early trading, riding on the back of strong gains in global equities overnight after solid manufacturing data from the United States and leading Asian exporters offset signs of mild recession in Europe. For related story click: 0844 (0044 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok.thomsonreuters.com) Link this Share this Digg this Email Reprints

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