Commodity firms outperform sluggish Singapore market
Published on Jan 29, 2014 1:26 PM
SINGAPORE (Reuters) - Commodity firms outperformed the Singapore market as the index edged down ahead of the outcome of the United States Federal Reserve's two-day policy meeting through Wednesday.
Top performers on the index included Wilmar International and Golden Agri-Resources. Wilmar rebounded from a one-week decline, climbing as much as 1.6 per cent to $3.16, its biggest daily gain in nearly 10 weeks, while Golden Agri gained 2 per cent to an intra-day high at $0.52.
Better margins for overseas buyers and refiners from a weaker ringgit helped lift demand for palm oil even as fragile emerging markets and declining vegetable oil prices weighed on the palm market.
The benchmark Straits Times Index had slipped 0.7 per cent to 3,040.2 as of midday, while the MSCI's broadest index of Asia-Pacific shares outside Japan gained 1.3 per cent.
To continue reading, log in if you are a subscriber
Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!