Shares of Singapore-listed rubber firm GMG Global (GMGG.SI) surged as much 8.3% on Monday as its outlook improved after key Tokyo rubber futures rose, traders said.
At 10:24 a.m., shares of GMG Global gained 6.3% to $0.255 with over 19 million shares changing hands.
At 10:24 a.m., shares of GMG Global gained 6.3% to $0.255 with over 19 million shares changing hands.
Key Tokyo rubber futures climbed on Monday, supported by firmness in the oil market. The benchmark rubber contract on the Tokyo Commodity Exchange (0#JRU:) for December delivery rose 9.5 yen or 2.5% to 373.7 yen per kg as of 0229 GMT.
“Rubber prices have rebounded, which is helping to boost sentiment in GMG Global. Its share price is highly correlated to rubber prices, and a shortage in rubber is likely to continue benefiting GMG,” said a local trader.
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