SINGAPORE, Nov 1 (Reuters) - Shares of Cosco Corp <COSC.SI>
rose as much as 4.5 percent to S$8.10 with 2.7 million shares
traded after the Chinese shipbuilding and repair firm posted a 37
percent gain in third-quarter profit. [ID:nSIN691]
The firm said an excellent shipbuilding industry was set to
drive the firm's growth this year and further ahead.
Morgan Stanley and Merrill Lynch raised their price targets
for Cosco to S$9.00 from S$6.00 and to S$10.10 from S$9.15,
respectively. [ID:nSGC001336]
Cosco also said it was not exposed to foreign exchange bets
because it conducted all its business in U.S. dollars.
The statement comes after Sembcorp Marine <SCMN.SI> and
Labroy Marine <LABR.SI> disclosed in the past week losses in the
hundreds of millions of dollars on foreign exchange bets that
went wrong.
0115 GMT- Straits Times Index <.STI> up 0.61 percent.
((Reporting by Chua Baizhen, [email protected]; Reuters
Messaging: [email protected]; +65 64035658))
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