SINGAPORE, Nov 14 (Reuters) - Singapore shares were poised
for their biggest daily gain in nearly two months on Thursday,
after Federal Reserve Vice Chair Janet Yellen soothed
uncertainties over the Fed's monetary stimulus.
The benchmark Straits Times Index gained 0.9
percent to 3,193.85 points by 0421 GMT. The MSCI's broadest
index of Asia-Pacific shares outside Japan was
up 1.2 percent.
Palm oil firm Golden Agri-Resources Ltd was among
the best performers, advancing as much as 3.5 percent to S$0.59,
rebounding from a 2-1/2-week low in the previous session hit
after the company reported a sharp decline in third-quarter net
Golden Agri shares, which soared 15 percent in October, are
down 2.5 percent this month. In a note on Wednesday, OCBC
analysts remained downbeat on the outlook, noting that company
management has forecast a decline in full year crude palm oil
output even as it is positive on next year's market.
The OCBC analysts, saying the recent price rally "looks
overdone", maintained a "sell" call on the stock and a target
price at S$0.465.
Shares of agricultural company Olam International Ltd
rose as much as 2.4 percent to S$1.51, its highest in
more than one week, after announcing a sale and lease-back of
its Australia almond orchards for A$200 million ($185.96
The deal will help monetize about half of Olam's assets
linked to its Australia orchard, said Citi Research in a note,
adding that orchards are likely to drive the company's edible
nuts segment earning and cash generation as it matures. Citi has
a "buy" rating and target price of S$2.60 on the stock.
Olam is due to report quarterly results later Thursday.
Singapore Telecommunications Ltd shares rose 0.8
percent to $3.79. Southeast Asia's largest telecommunications
operator reported weaker-than-expected net profit for the second
quarter as strong Singapore dollar hit overseas earnings.