SINGAPORE: Shares of Singapore-listed palm oil firm Mewah International Inc surged nearly 9 percent on Friday, on bargain hunting after a steep plunge over the last two months and firm outlook for palm oil.
At 0300 GMT, shares of Mewah were 7.7 percent higher at S$0.42 with over 15.1 million shares changing hands. This was 3.3 times its average daily volume over the last five sessions.
Mewah's share price had fallen about 50 percent since August, compared to a 14.3 percent plunge in the benchmark Straits Times Index .
"Mewah has been a laggard relative to the rest of the market and on the technicals front, it has fallen to levels attractive for bargain hunters to come in again," said Lee Wen Ching, an analyst at CIMB Research.
"In the longer-term, demand for palm oil remain steady as food and agriculture remains one of the bright spots in the commodity space," said a local trader.
Comments
Comments are closed for this article.