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Stocks to watch: Oil counters ahead of Opec meet, YuuZoo
ASIAN leaders are all anxiously awaiting the outcome of the Organisation of Petroleum Exporting Countries (Opec) summit as the region largely depends on imported oil.
Many Asian nations are exposed to the risk of global oil price changes that affect their balance of trade. In India, which imports 80 per cent of its oil, the key stock index has risen the most among Asian indices this year as crude slumped.
Oil prices have tumbled about 30 per cent since June to below US$79 per barrel due to booming US shale oil output and slower global economic growth.
Analysts are divided over whether Opec will cut production when it meets, or leave it unchanged.
YuuZoo: Mainboard-listed Internet stock YuuZoo's trading activity boiled over on Wednesday with more than 40 million shares changing hands.
The stock ended S$0.045 higher at S$0.595, up 8 per cent. It was below S$0.30 just two weeks ago.
The trading activity prompted a query from the Singapore Exchange, followed by a "trade with caution" warning when the company denied that there was any material information that would explain the trading.
After markets closed, YuuZoo announced a deal in Nigeria with telco Etisalat to potentially get 20 million subscribers onto its e-commerce network.