Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-Index rises by midday; Olam gains

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STOCKS NEWS SINGAPORE-Index rises by midday; Olam gains Jun 11th 2012, 04:51 Mon Jun 11, 2012 12:51am EDT Singapore shares rose by midday, largely in line with regional bourses, with Olam International Ltd jumping 8 percent to the highest in nearly three weeks after the commodities firm announced a share buyback programme. By midday, the Straits Times Index advanced as much as 1.8 percent to 2,786.38, the highest since May 30. MSCI's broadest index of Asia-Pacific shares outside Japan added 1.6 percent after euro zone finance ministers agreed to lend Spain up to $125 billion to shore up its struggling banks. By midday, Olam shares were up as much as 8 percent to S$1.755, the highest since May 23. The stock was the biggest percentage gainer on the main index. The top stock by both value and volume in the Singapore market was PSL Holdings Ltd, which rose as much as 4.3 percent to S$0.365. Some 86.5 million shares were traded, 8.9 times the average full-day volume over the past 30 days. The engineering firm said on Saturday it plans to buy shares in PT Sinar Wijaya Pratama, which holds a mining licence for a concession area in Indonesia, and sees it as an opportunity to enter the Indonesian coal mining industry. 1234 (0434 GMT) (Reporting by Eveline Danubrata in Singapore; eveline.danubrata@thomsonreuters.com) *********************************************************** 11:46 STOCKS NEWS SINGAPORE-CIMB raises Super Group target CIMB Research raised its target price for Super Group to S$2.43 from S$2.37 and kept its 'outperform' rating, on expectations that the instant beverage maker's ingredients division will benefit from rising milk tea consumption in China. By 0334 GMT, Super's shares were 0.98 percent higher at S$2.07, and have surged 57 percent since the start of the year, compared with the FTSE ST Mid Cap Index's 9.7 percent gain. China's milk tea market grew by 140 percent in 2011, according to a study by AC Nielsen, and CIMB said it expects Super's ingredients sales to grow 50 percent this year. "We remain positive on Super's outlook, led by its branded consumer business in ASEAN and supplemented by its ingredients business," said CIMB in a report. 1137 (0337 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) *********************************************************** 10:50 STOCKS NEWS SINGAPORE-PSL up after Indonesian mining move Shares of PSL Holdings Ltd rose after the engineering firm said it plans to buy shares in PT Sinar Wijaya Pratama (SWP), which holds a coal mining licence for a concession area in Indonesia. PSL said on Saturday it sees SWP as an opportunity to enter the Indonesian mining industry. PSL shares gained as much as 4.3 percent to S$0.365, the highest since June 1, while the FT ST Small Cap Index was up 1 percent. More than 86 million PSL shares were traded, 8.8 times the average daily volume over the past 30 days. The stock was the top traded by both value and volume on the Singapore bourse on Monday. The shares have risen about 15 percent this year versus a 6 percent gain in the small cap index. PSL plans to buy 99.9 percent stake in SWP, but said the consideration has not been determined. SWP holds a production operations mining business licence for a concession area of 2,127 hectare in Jambi Province, Indonesia. The concession has a term of 10 years starting from April 4, 2011. 1029 (0229 GMT) (Reporting by Eveline Danubrata in Singapore; eveline.danubrata@thomsonreuters.com) Link this Share this Digg this Email Reprints

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