Bloomberg News

Singapore Equity Movers: Cosco, Fraser & Neave, IPC Corp., Olam

November 23, 2012

Singapore’s Straits Times Index +0.1% to 2,989.28 as of the 5:10 p.m. local time close. +1.5% for week. Almost three shares rose for every two that fell on the 30-member gauge.

Gainers: * IPC Corp. +15%; co. agrees to investment in 6th business hotel in Japan * Cosco Singapore +2.8%; co. delivers converted floating production, storage and offloading vessel to European customer

Decliners: * Olam -1.8%, extending this week’s losses after short-seller Carson Block questioned the commodity supplier’s accounting method; Olam sued Block and his firm Muddy Waters in a Singapore court yesterday and said it has sufficient liquidity to withstand market stress * Fraser & Neave -0.3%; Thai billionaire Charoen Sirivadhanabhakdi has extended a deadline for an offer to gain control of F&N after a group led by Overseas Union Enterprise topped the bid last week.

To contact the reporter on this story: Jonathan Burgos in Singapore at jburgos4@bloomberg.net

To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net


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