Golden Agri hits 3-1/2 week high in steady Singapore market

SINGAPORE (Reuters) - Shares in Golden Agri-Resources outperformed a flat Singapore stock market and jumped to a 3-1/2 week high while telecom stocks eased.

Golden Agri rose as much as 4.2 per cent to $0.61, the highest since March 13. More than 92 million shares were traded, two times their 30-day average trading volume.

The benchmark Straits Times Index edged up 0.1 per cent to 3,208.2 while MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.8 per cent.

Telecom stocks weighed on the index, with shares in Singtel shedding 1 per cent and Starhub down 0.5 per cent.

In a sector report, Maybank Kim Eng said lower handset subsidies for some popular models could see telecom margins benefit. It, however, retained its "neutral" rating on the sector.

Among gainers that stood out, shares of small cap JES International Holdings surged 26.4 per cent after the company said it was acquiring a 51 per cent stake in an African forestry company.