Golden Agri hits 3-1/2 week high in steady Singapore market

Last Updated: Wed, Apr 09, 2014 07:16 hrs

SINGAPORE, April 9 (Reuters) - Shares in Golden Agri-Resources outperformed a flat Singapore stock market and jumped to a 3-1/2 week high while telecom stocks eased.

Golden Agri rose as much as 4.2 percent to S$0.61, the highest since March 13. More than 92 million shares were traded, two times their 30-day average trading volume.

The benchmark Straits Times Index edged up 0.1 percent to 3,208.2 while MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.8 percent.

Telecom stocks weighed on the index, with shares in Singtel shedding 1 percent and Starhub down 0.5 percent. In a sector report, Maybank Kim Eng said lower handset subsidies for some popular models could see telecom margins benefit. It, however, retained its "neutral" rating on the sector.

Among gainers that stood out, shares of small cap JES International Holdings Ltd surged 26.4 percent after the company said it was acquiring a 51 percent stake in an African forestry company. (Reporting by Andrew Toh; Editing by Anupama Dwivedi)

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