Monday, June 25, 2012
SMM: is down 2.2% at $4.44, with an analyst saying it's likely extending declines as Nymex August oil futures slip below the key US$80/bbl level where oil companies often begin to scale back E&P spending. Peer Keppel , which is a somewhat more-diversified conglomerate, is down 1.2% at $9.98. The pair's near-term fortunes may turn on the weather, as oil prices are currently getting a fillip from a tropical storm in the Gulf of Mexico causing some concerns of supply disruptions. Among other stocks which are taking a hit from lower oil prices, Golden Agri is down 1.6% at $0.63 and Wilmar is down 1.7% at $3.56.