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Singapore Hot Stocks-Amtek up on surge in China car sales
SINGAPORE, Jan 14 (Reuters) - Shares of Amtek Engineering , which manufactures precision engineering, plastic and rubber components, rose as much as 6.1 percent on Friday as investors were bullish that the firm would benefit from China's buoyant car market.
At 0808 GMT, Amtek shares were up 3.8 percent at S$1.37 on a volume of 9.1 million shares. The broader Straits Times Index <.FTSTI> was down 0.3 percent.
"The share price could have gone up because of the positive media coverage on the company," said Liu Jinshu, an investment analyst at SIAS Research.
Amtek Chief Financial Officer Sheila Ng said the firm is tapping into the growing trend among global car manufacturers with operations in China to replace more expensive imported parts with locally made components.
Source: Reuters