Singapore Hot Stocks Olam rebounds; CEO says outlook bright

SINGAPORE: Shares of Singapore commodity firm Olam International rose as much as 4.4 percent on Tuesday following a sell-off and after its CEO said the long-term outlook for commodities remains bright despite the global economic woes.

At 0119 GMT, Olam shares were up 4.4 percent at S$2.37 on a volume of 1.7 million shares. In comparison, the Straits Times Index was 1.5 percent higher.

Olam stock had fallen 5 percent on Monday amid broad market weakness.

Sunny Verghese, Olam's chief executive officer, told Reuters on Monday the growing demand for food and shrinking supply would support prices in the long run.