SINGAPORE, March 6 (Reuters) - Singapore stocks were headed for their third session of gains on Thursday, led by palm oil companies as a strong rise in the edible oil boosted their shares.
The benchmark Straits Times index was up 0.3 percent to 3,126.95 points as of 0350 GMT.
The broader Asian market rose on diplomatic efforts made to moderate the crisis over Ukraine. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.3 percent.
Golden Agri-Resources Ltd, which is most sensitive to palm oil prices among its peers due to its large free float, rose as much as 1.7 percent to a 3-1/2-month high of S$0.60.
Wilmar International Ltd jumped 1.7 percent to a three-month high of S$3.55.
Malaysian palm oil futures hit a 17-month high on Wednesday as dry weather is expected to threaten production in Southeast Asia. Strong demand for blending from Indonesia’s biofuel sector is expected to further boost prices, leading analyst Dorab Mistry said.
The worst performer on the index, Thai Beverage PCL , slumped more than 3 percent to S$0.60, snapping a four-day winning streak during which the stock surged nearly 22 percent.