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Wilmar shares plunge to 3-month low; Singapore index flat

Published on May 9, 2014 2:02 PM

SINGAPORE (Reuters) - Shares in Wilmar International plunged to their lowest in more than three months on Friday after the company posted weak earnings, while the Singapore index was flat in the absence of any major market catalyst.

The benchmark Straits Times Index was little changed at 3,249.11, while MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.1 per cent.

Wilmar shares plunged as much as 6.3 per cent to an intra-day low of $3.13 after the palm oil company on Thursday said its first-quarter net profit slumped 49 per cent on losses in the sugar business and negative soybean crushing margins in China, with lower palm refining margins also weighing.

Wilmar shares are trading at their lowest since Feb 6, with the company topping the list for the most actively-traded stock by value.

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