Singapore index falls 0.8% by midday, Interra outperforms

REUTERS - Singapore shares fell on Wednesday, but oil and gas exploration firm Interra Resources outperformed the market after announcing a deal to acquire an oil field in Indonesia's South Sumatra.

The Straits Times Index was down 0.8 per cent, while MSCI's broadest index of Asia-Pacific shares outside Japan was flat.

The biggest decliners on the index were beer and soft drinks company Thai Beverage and warehouse operator Global Logistic Properties, which fell more than 2 per cent each.

Interra shares rose as much as 5.4 per cent to $0.485, their highest since Aug. 20. More than 11 million shares were traded, 2.9 times the average full-day volume over the past 30 days.

The company after market hours on Tuesday said it had agreed to acquire PT Benakat Barat Petroleum, which holds all the rights to explore and develop the Benakat Barat field in South Sumatra.

The top traded stock by value on Wednesday was China Minzhong Food Corp Ltd, which was down 0.45 per cent at S$1.115 on a volume of 43.5 million shares.

Indonesian food company PT Indofood Sukses Makmur now owns more than half of Minzhong, turning its offer for the Singapore-listed vegetable supplier unconditional. Indofood said Minzhong complements its business and "various opportunities exist for strategic integration and synergies".