Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-Shares extend gains for 5th session

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STOCKS NEWS SINGAPORE-Shares extend gains for 5th session Jul 3rd 2012, 03:56 Mon Jul 2, 2012 11:56pm EDT Singapore shares rose by midday, extending gains for the fifth straight session, as weak manufacturing data around the world spurred hopes that central banks could introduce more measures to help support the global economy. At 0341 GMT, the benchmark Straits Times Index was up 0.9 percent at 2,936.74, led by strong gains in palm oil firm Golden Agri-Resources, which rose 2.9 percent to S$0.705. "There's a spillover euphoria from what happened in Europe. The market may be anticipating that the European Central Bank could cut rates," said Joshua Tan, a strategist at Phillip Securities. Many market players also believe continued economic weakness will push the Federal Reserve to roll out another round of quantitative easing. U.S. manufacturing contracted for the first time in nearly three years, while in the euro zone the jobless rate rose to a record high in May. Asian factory activity was also hit by crumbling orders from abroad. Shares of TT International extended losses on Monday, falling 9.7 percent to S$0.065 after it said plans to develop a warehouse retail project in Singapore had been cancelled. 1146 (0346 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 11:23 STOCKS NEWS SINGAPORE-Midas at 1-month high on JV deal win Shares of Midas Holdings Ltd rose as much as 5.2 percent to a one-month high after it said its joint venture had won a 860 million yuan ($135.46 million) contract for the supply of metro train cars. By 0151 GMT, shares of Midas were up 3.5 percent at S$0.30. They have fallen about 9 percent since the start of the year, compared with a 1.7 percent rise in the FT ST China Index . Midas, which supplies aluminium components to trains in China, said its joint venture Nanjing SR Puzhen Rail Transport Co Ltd (NPRT) won the contract to supply 20 train sets, or 120 train cars, to Dongguan Rapid Railway R2 Line Project over 2013 to 2015. Midas, which owns 32.5 percent of NPRT, could see a potential contract win worth 30-40 million yuan and recognise an income of about 6-10 million yuan from NPRT, said DMG, which has a 'neutral' rating and target price of S$0.29 on the stock. The brokerage added that this could result in total profit of 10-14 million yuan, which will be recognised progressively from fiscal 2013-2015. For related statement click 0958 (0158 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 9:17 STOCKS NEWS SINGAPORE-OCBC raises CapitaMalls target price OCBC Investment Research raised its target price of CapitaMalls Asia Ltd to S$1.79 from S$1.76 and kept its 'buy' rating, citing stronger valuations for the shopping mall developer's China assets and listed entities. By 0103 GMT, CapitaMalls shares were 0.6 percent higher at S$1.59, and have surged about 40 percent since the start of the year, compared to the Straits Times Index's 10 percent gain. CapitaMalls said on Monday it had set up a $1 billion private equity fund. OCBC said the fund would be an option for capital recycling going forward, and could be a potential joint venture partner for future developments, giving CapitaMalls bigger scope for capital allocation for acquisitions. "CapitaMalls' valuation remains undemanding, and we see significant upside as its asset pipeline transitions into an income-generating portfolio over 2012," OCBC said in a report. 0906 GMT (0106 GMT) To read related story, click (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ($1 = 6.3488 Chinese yuan) Link this Share this Digg this Email Reprints

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