Palm oil stocks tumble as S’pore looks for firms responsible for haze: Markets this week
ST’s business correspondents unpack the latest developments in the markets during the week and explain what they mean for investors.
Singapore's palm oil stocks experienced a decline following reports linking certain Singapore-listed companies to plantation areas in Indonesia where fires and smoke were detected, contributing to the worsening haze across the city-state. Prime Minister Lawrence Wong announced that Singapore was investigating which firms might be responsible for haze-causing fires, vowing to take action under the Transboundary Haze Pollution Act and consider joint action with other countries if necessary.
The haze has resulted in PSI levels exceeding 200 in some areas, indicating unhealthy air quality. Companies such as Wilmar International and Golden Agri Resources, which manage palm oil concessions in Indonesia, have stated that they have no-burning policies and are not aware of any involvement in the recent haze. Bumitama Agri, another palm oil company, reported that some of its operations in Indonesia were affected by fires originating from neighboring land.
Despite the investigations, palm oil shares continued to fall, with Wilmar International down 1.2% and Golden Agri-Resources down 3.5% on October 16.
Written by urgent.news from Straits Times Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
