Singapore stocks flat; Golden Agri headed for worst day in a month
SINGAPORE (Reuters) - Palm oil firm Golden Agri-Resources fell more than 2 per cent on Tuesday, headed for its biggest daily loss in nearly a month due to lower palm oil prices, and weighed on Singapore's benchmark stock index, which was little changed.
"The CPO prices are weaker today, which could have driven Golden Agri share price lower," said Ivy Ng, an analyst at CIMB, adding that Golden Agri's share price has the highest correlation with palm oil prices due to its large free float.
The benchmark crude palm oil futures contract on Bursa Malaysia Derivatives Exchange eased to a one-week low.
Golden Agri shares fell as much as 2.6 per cent to $0.57, down 12 per cent so far in 2013, in its third year in the red.