Rex International outperforms nervous Singapore market
Published on Feb 4, 2014 12:52 PM
SINGAPORE - Shares of upstream energy exploration firm Rex International Holding surged after the company announced a successful exploration in Oman, though the Singapore market was on course for a fourth straight day of declines.
Singapore-listed Rex International's shares were headed for their biggest gain since September, soaring as much as 10.8 per cent to $0.67, after the company said its indirectly-owned subsidiary, Masirah Oil, discovered hydrocarbons in its second exploration in the east of Oman.
The stock was heavily traded at almost three times its average 30-day full-day volume as of midday, with more than 20.1 million shares changing hands.
Singapore shares tumbled to their lowest since November 2012 after disappointing United States manufacturing data dealt another blow to a market already worried over a possible flight of capital from emerging markets after the Federal Reserve's decision to continue tapering its bond-buying program.
To continue reading, log in if you are a subscriber
If you are not a subscriber, you can get instant, unlimited access here