Golden Agri

Golden Agri: +3.3% higher at $0.62 in strong vol, outperforming the STI's 0.1% decline. The rise could be on short-covering, says CIMB. SGX data show 47m GAR shares were sold short on Mon, while 14.3m were sold short Tue. House notes the share price has corrected since its results, despite a relatively stable broader market. The co's announcement that it and its subsidiary, PT SMART will implement a pilot project in West Kalimantan, Indonesia, on forest conservation likely isn't moving the share; "it's something they've been working on for awhile; it's been discussed with investors. Norway's sovereign wealth fund recently exited 23 palm-oil companies, likely including GAR, over concerns on deforestation. Orderbook quotes show sell orders clustered at $0.62, suggesting the stock may struggle to top its $0.625 intraday high.