STOCKS NEWS SINGAPORE-Index rises, Ezion hits record high

Source : REUTERS
Last Updated: Wed, Mar 06, 2013 06:50 hrs

Singapore shares rose, after Wall Street hit a record close amid signs of a continued economic recovery in the United States.

The Straits Times Index was up 1 percent at 3,280.62, matching the rise in MSCI's broadest index of Asia-Pacific shares outside Japan.

Shares of oil and gas provider Ezion Holdings Ltd jumped as much as 3.5 percent to a record high of S$2.08 on Wednesday.

OCBC Investment Research said Ezion Holdings had performed "extremely well" in 2012 and its outperformance had continued till now.

"We expect the group to secure more contracts, solidifying its earnings base with the deployment of additional assets," OCBC said in a report.

The brokerage has an 'overweight' rating on the oil and gas sector and maintains its preference for companies with earnings growth or sustainability backed by a strong order book and a positive outlook for their industry subsegment.

Its stock picks are Ezion, ASL Marine Holdings Ltd , Keppel Corp Ltd and Sembcorp Marine Ltd . 1430 (0630 GMT)

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