Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-Oil prices down but oil, gas still attractive

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STOCKS NEWS SINGAPORE-Oil prices down but oil, gas still attractive May 24th 2012, 01:56 Wed May 23, 2012 9:56pm EDT Although oil prices have come off highs, current levels are still elevated and capital spending in the oil and gas industry will continue, OCBC Investment Research said. "Renewed concern about the euro zone has resulted in increasing uncertainty in the markets, contributing to a correction in oil prices," OCBC said in a report. But it said oil prices at current levels are more sustainable for a global economic recovery, benefiting oil and gas players including rigbuilder Keppel Corp. Keppel posted a 141 percent rise in its January-March net profit to S$750.8 million ($586.8 million), which came in above OCBC's expectations, while smaller rival Sembcorp Marine's first quarter net profit of S$113 million was below its estimates. OCBC remains overweight on the oil and gas sector and said Keppel and offshore marine company Ezion Holdings Ltd were its top picks. It has buy ratings for both companies with a target price of S$13.38 for Keppel and S$1.13 for Ezion. Shares of Keppel were up 0.3 percent at S$10.04 and have gained about 8 percent since the start of the year. Ezion shares were 2 percent higher at S$0.76 and have jumped 15 percent since the start of the year. For related story click 0939 (0139 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 8:51 STOCKS NEWS SINGAPORE-Index futures up 0.1 pct Singapore index futures was up 0.1 percent, indicating a weak start for the benchmark Straits Times Index. Asian shares were steady but remained vulnerable on Thursday amid signs European leaders were unable to deliver meaningful measures to resolve the region's deepening debt crisis. 0850 (0250 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ($1 = 1.2796 Singapore dollars) Link this Share this Digg this Email Reprints

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