Shares of Singapore commodity firm Olam International (OLAM.SI) rose as much as 4.4% on Tuesday following a sell-off and after its CEO said the long-term outlook for commodities remains bright despite the global economic woes.
At 9:19 a.m., Olam shares were up 4.4% at $2.37 on a volume of 1.7 million shares. In comparison, the Straits Times Index <.FTSTI> was 1.5% higher.
At 9:19 a.m., Olam shares were up 4.4% at $2.37 on a volume of 1.7 million shares. In comparison, the Straits Times Index <.FTSTI> was 1.5% higher.
Olam stock had fallen 5% on Monday amid broad market weakness.
Sunny Verghese, Olam’s chief executive officer, told Reuters on Monday the growing demand for food and shrinking supply would support prices in the long run.
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