STOCKS NEWS SINGAPORE-Yoma up on profits, Myanmar outlook
Shares of Yoma Strategic Holdings Ltd extended gains from the previous day after the property developer said its 2012 fiscal year net profit more than doubled from a year earlier and it has seen strong demand for its apartments in Myanmar.
Yoma shares rose as much as 7.9 percent, outperforming the FT ST Small Cap Index which was 0.1 percent higher, on volume of 13.7 million shares. Yoma was the second-highest traded stock by volume in the Singapore market.
"More positive developments such as the easing of U.S. sanctions and reforms of the local currency will simplify the process of investment in Myanmar and continue to stoke the flames of the real estate market," Maybank Kim Eng said.
Yoma said on top of its property business, it will also build its agriculture and automobile operations in Myanmar. For example, black pepper is currently being planted at the firm's 100,000 acre Maw Tin Estate, Yoma said.
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0936 (0136 GMT)
(Reporting by Eveline Danubrata in Singapore; Editing by Jacqueline Wong; firstname.lastname@example.org)
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