Golden Agri +2.4%; Sime Darby outlook eyed: OCBC

Golden Agri is up 2.4% at $0.65, among the best-performing STI components, in strong volume of about 6.7% of shares changing hands on the SGX. Interest may be spurred as the sector’s shares have fallen quite a bit recently, notes Carey Wong, an analyst at OCBC.

Sime Darby is expecting a “pretty hefty rebound” over the next year, he says, noting it’s the largest plantation owner globally, while Golden Agri is the second largest. Golden Agri’s shares are down nearly 10% year-to-date, compared with the STI’s around 15.3% rise; the stock may find near-term resistance around $0.69, its 200-day exponential moving average.