Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-Up third day running, led by F&N

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STOCKS NEWS SINGAPORE-Up third day running, led by F&N Jul 17th 2012, 04:56 Tue Jul 17, 2012 12:56am EDT Singapore shares rose for the third day in a row, with Fraser and Neave Ltd (F&N) surging to a record after Oversea-Chinese Banking Corp and Greater Eastern Holdings received a bid for their $2 billion combined stake in the company and an affiliated brewer. F&N shares jumped as much as 5.6 percent to S$8.34 on volume of 3.4 million shares, 2.4 times the average full-day volume over the past 30 days. The stock was the biggest gainer on the Straits Times Index. OCBC and Great Eastern said late on Monday they are holding talks with the bidder, but cautioned there is no guarantee of a deal. By midday, the STI had risen as much as 0.9 percent to 3,027.07 points, the highest since April 3. MSCI's broadest index of Asia-Pacific shares outside Japan gained 1.3 percent. Shares of Singapore telco operator M1 Ltd fell as much as 2.3 percent after its second-quarter earnings came below expectations and brokers trimmed their earnings estimates. OCBC Investment Research cut its 2012 fiscal year revenue forecast by 3.4 percent mainly on lower handset sales and earnings by 5.4 percent on weaker margin outlook. It kept its revenue forecast for 2013, but reduced earnings estimate by 2.6 percent. OCBC slightly decreased its target price on M1 to S$2.80 from S$2.81, but maintained its buy rating. 1227 (0427 GMT) (Reporting by Eveline Danubrata in Singapore; eveline.danubrata@thomsonreuters.com) Link this Share this Digg this Email Reprints

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