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Singapore Hot Stocks-Straits Asia up on commodities rally
SINGAPORE, Nov 19 (Reuters) - Shares of Singapore-listed coal miner Straits Asia Resources rose as much as 4.5 percent on Friday, spurred by a rally in commodities prices and recent M&A activity in Indonesia's coal sector.
At 0154 GMT, Straits Asia shares were up 3.3 percent at S$2.50 with over 2.6 million shares changing hands.
Oil prices closed up 2 percent on Thursday in New York, breaking a four-day losing streak after a multibillion-dollar bailout plan for Ireland restored calm in commodity markets.
[ID:nLDE6AH18P] "The bulls out there are still very positive on the commodities. After the recent sell-off, they're taking the opportunity to do some buying," said a local trader.
The merger of Indonesia coal firms Berau Coal , PT Bumi Resources together with England's mining investment fund Vallar Plc , announced earlier this week, has spurred investor interest in the Southeast Asian country's coal industry, the trader said.
Source: Reuters