Thursday, December 6, 2012

Singapore Stocks Slip by Midday - Olam Plunges

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 Ltd weighed.
Shares of Olam International Ltd, 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 percent to S$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 percent at 3,070.28 points by midday, while MSCI's broadest index of Asia-Pacific shares outside Japan was flat.
Shares in China Minzhong Food Corp Ltd fell 8.8 percent to S$0.775, after a block trade fuelled speculation one of its largest shareholders had sold its stake in the food processing firm. 

 
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