Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-Index rises to 1-1/2 month high

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STOCKS NEWS SINGAPORE-Index rises to 1-1/2 month high Jun 28th 2012, 06:08 Thu Jun 28, 2012 2:08am EDT Singapore shares extended gains from the previous day to the highest in about one-and-a-half months, led by energy, water and marine group Sembcorp Industries which gained as much as 2.8 percent. The Straits Times Index rose as much as 1 percent to 2,869.29 points, the strongest level since May 16. MSCI's broadest index of Asia-Pacific shares outside Japan added 0.3 percent. The top traded stock by both value and volume in the Singapore market was motor vehicle firm Tan Chong International after 158.6 million shares were transacted at S$2.60 in a block deal. Tan Chong shares jumped 16 percent to S$2.20. "If someone is willing to offer S$2.60, maybe it's an indication that it's undervalued," said a trader. Shares of Interra Resources Ltd fell as much as 8.5 percent after the oil and gas firm said it plans to raise S$22.2 million via a rights issue. The company is offering up to 148 million shares at S$0.15 each. Interra's chief executive told Reuters in an interview on Wednesday the firm aims to aggressively develop its two onshore oil fields in Myanmar and is eyeing new oil and gas blocks slated to come up for tender this year. 1352 (0552 GMT) (Reporting by Eveline Danubrata in Singapore; eveline.danubrata@thomsonreuters.com) ************************************************************ 11:54 STOCKS NEWS SINGAPORE-DBS Vickers: plantation firms oversold DBS Vickers said shares of plantation companies were oversold on the back of "over-pessimistic" crude palm oil (CPO) price assumptions. Most people were implying long-term price of 2,300 ringgit ($720) to 2,800 ringgit per metric tonne, or 7 percent to 20 percent below current levels, DBS said. Soybean export availability is likely to drop in June-November 2012 due to the South American crop failure earlier this year. Substitution or restocking is expected to lift CPO prices in the second half of 2012, DBS said. It forecast a 7 percent upside to around 3,200 ringgit for CPO prices. Planters with significant volume growth such as First Resources and Bumitama Agri Resources stand to benefit the most from both pricing and volume recoveries, DBS said. On Thursday, First Resources' shares were down 1.9 percent while Bumitama Agri Ltd gained 0.5 percent. 1140 (0340 GMT) (Reporting by Eveline Danubrata in Singapore; eveline.danubrata@thomsonreuters.com) ************************************************************ 10:40 STOCKS NEWS SINGAPORE-Maybank raises target on NOL Maybank Kim Eng raised its target price on container shipping firm Neptune Orient Lines (NOL) to S$0.95 from S$0.85, but kept its 'sell' rating. NOL shares were down 0.9 percent at S$1.09 on Thursday and have fallen around 3 percent so far this year, underperforming the broader Straits Times Index. Maybank Kim Eng said freight rates and fuel costs have shown signs of improvement and if this continues, they would help to stabilise NOL's prospects in the near term. The broker added that NOL might even break even for the remaining three quarters of the year after a poor first quarter. NOL reported January-March net loss of $254 million, much wider than a loss of $10 million a year ago. But overcapacity in the industry looks set to last until the end of 2013 and the global economy is still uncertain, Maybank said, adding that it is sceptical about the sector's ability to continue relying on liner cooperation to sustain a freight rate recovery. 1029 (0229 GMT) (Reporting by Leonard How in Singapore; leonard.how@thomsonreuters.com) ($1 = 3.1945 Malaysian ringgits) Link this Share this Digg this Email Reprints

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