Straits Asia (SRL 55%) up 9% to highest ever $Sing3.40 in an...

Straits Asia (SRL 55%) up 9% to highest ever $Sing3.40 in an otherwise falling market.




Singapore Hot Stocks-Straits Asia soars on high coal prices
Mon Jan 28, 2008 3:22am GMT

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More Business & Investing News... SINGAPORE, Jan 28 (Reuters) - Shares of coal mining firm Straits Asia Resources (STRL.SI: Quote, Profile, Research) rose as much as 8.3 percent to S$3.38 with 5.3 million shares changing hands on the back of soaring coal prices, traders said.

"Investors are confident of the rising coal prices and with China stopping exports, domestic supplies will be running short," a trader said.

Global coal supplies have contracted sharply over the last few weeks after a series of problems disrupted shipments from key exporters, driving prices higher.

China told its miners and port authorities last Friday to halt coal exports for two months to help end the country's most severe power crisis, while widespread South African power cuts and floods in Australia have cut supplies. Several major coal producers have declared force majeure.

For stories on coal price hike, please click on [nSP99076].

0313 GMT - Straits Times Index down 3.03 percent. (Reporting by Tan Wei Xin; Editing By Ovais Subhani)