Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-Index hugs two-month highs

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STOCKS NEWS SINGAPORE-Index hugs two-month highs Jul 4th 2012, 05:31 Wed Jul 4, 2012 1:31am EDT Singapore shares rose for the sixth straight session, extending an impressive rally as improved confidence in risky assets stoked gains in global equities. Southeast Asia's largest property developer, Capitaland Ltd figured among the day's biggest gainers with a 2.1 percent rise, taking the year-to-date increase to 30 percent. Banks and property developers have been at the forefront of the market rally this year, supported by a robust earnings outlook and strong property demand. The main Straits Times Index advanced 0.4 percent to 2,957.3 by midday, after rising to the highest level since early May. Advancing stocks trounced losers 2 to 1 in the broader market. The benchmark has jumped nearly 10 percent from a five-month low of 2,698.9 hit in early June. Southeast Asian equities have emerged as one of the best performing markets in the world so far this year as buoyant domestic spending counters struggling exports. Asian shares rose on Wednesday, extending gains for a third straight session, as investors kept hopes high for more monetary policy stimulus to support the faltering global economy. 1315 (0515 GMT) (Reporting by Anshuman Daga in Singapore) *********************************************************** 09:47 STOCKS NEWS SINGAPORE-DMG upgrades Sheng Siong to buy DMG & Partners upgraded supermarket chain operator Sheng Siong Group Ltd to buy from neutral and raised its target price to S$0.51 from S$0.45, citing an expected strong dividend payout. At 0133 GMT, shares of Sheng Siong were up 2.3 percent at S$0.44, and have remained unchanged so far this year, compared to the FT Small Cap Index's 14.4 percent gain. The brokerage said it expects Sheng Siong to keep dividend payout at 90 percent versus its previous estimate of 50 percent, given it has no large capital expenditure plans in the near term and a positive working capital cycle. DMG also raised its 2012-2013 earnings estimates for Sheng Siong by about 0.8 percent to 1.5 percent, as two new stores are slated to open this month, increasing its gross floor area by 10 percent this year. 0937 (0137 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 9:25 STOCKS NEWS SINGAPORE-OCBC raises Golden Agri target price OCBC Investment Research raised its target price for palm oil firm Golden Agri-Resources Ltd to S$0.81 from S$0.74 and kept its 'buy' rating, citing a possible recovery in crude palm oil (CPO) prices. By 0114 GMT, Golden Agri shares were flat at S$0.72, and have gained 0.7 percent since the start of the year, underperforming the benchmark Straits Times Index's 12 percent rise. Golden Agri, the second largest palm oil plantation owner in the world, stands to benefit from a rebound in CPO prices, OCBC said. "We believe that a recovery of CPO prices is likely, given the concerns over the impact of a prolonged drought in the U.S. mid-west, affecting the potential supply of soybean crop," OCBC said in a report. Soybean and CPO prices have a strong correlation of 0.85, indicating that CPO prices will likely mirror a rise in soybean prices, it added. 0916 (0116 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) Link this Share this Digg this Email Reprints

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