Singapore shares slipped by midday despite comments from U.S. President Barack Obama that a deal to avert a ‘fiscal cliff’ was likely soon, as losses in commodity trader Olam International weighed.
Shares of Olam International, which has been battling short-seller Muddy Waters, fell to the lowest in more than 3-1/2 years on concerns about the impact of a $1.2 billion rights issue on the Singapore commodities firm’s financing costs.
Olam shares declined as much as 5.9% to $1.425, the lowest since March 2009. Some 38.1 million shares changed hands, making it the second most actively traded stock by value.
The benchmark Straits Times Index was down 0.2% at 3,070.28 points by midday, while MSCIs broadest index of Asia-Pacific shares outside Japan wasflat.
Shares in China Minzhong Food Corp fell 8.% to $0.775, after a block trade fuelled speculation one of its largest shareholders had sold its stake in the food processing firm.
No comments:
Post a Comment