By Jonathan Burgos
April 24 (Bloomberg) -- Golden Agri-Resources Ltd., the best-performing company on Singapore’s Straits Times Index this year, may continue its rally after the stock surged above its 200-day moving average, DBS Group Holdings Ltd. said.
Golden Agri, the world’s second-biggest palm oil producer, advanced 4.1 percent to 38 Singapore cents yesterday. It traded above its 200-day moving average on April 15 for the first time since June 2008, according to data compiled by Bloomberg.
“The stock is going to break the resistance at 40 Singapore cents,” Yeo Kee Yan, an analyst at DBS, said by phone. “It has strong momentum.”
Golden Agri surged 68 percent this year, outpacing the 5.6 percent gain of the Straits Times index as crude palm oil futures soared 52 percent in Kuala Lumpur.
Rising demand for palm oil, the world’s cheapest and most- consumed cooking oil, last month cut stockpiles in Malaysia to the lowest since July 2007, according to figures from the country’s palm-oil board.
To contact the reporter on this story: Jonathan Burgos in Singapore at jburgos4@bloomberg.net.
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