Stocks Today
My views: What a speculative stock for scalpers and punters! Overall oil palm is still attractive in view of the ’scarcity of crude’ and rising oil price.
SINGAPORE, March 14 - Shares of Indonesian palm oil producer First Resources soared as much as 23.2 percent to S$1.17 with almost 14 million traded, after Indonesia’s anti-graft body said it will not auction off three of the firm’s assets in relation to a case involving one of its founders.
First Resources said in a statement on Friday that the financial penalty imposed on Martias as a result of a court case has been fully paid.
The Indonesian anti-graft body then withdrew its intention to auction off properties it deemed relating to Martias, who goes by a single name.
Last Friday, the firm’s share price tumbled to a record low, after it confirmed news of the anti-graft body’s intentions.
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