Rex International cranks up the production volume

IT'S been all sunshine and roses for mid-sized oil firm Rex International Holding lately but the stock showing of the former Catalist-listed firm on its maiden day on the Singapore Exchange's mainboard belies that.

Except for the early minutes of trading when it edged marginally higher, the counter has spent Tuesday's (Mar 8) session underwater; it finished lower S$0.025 or 5.2 per cent at S$0.455.

"It seems (that) it's not a very good day for the stock market in general. Everything is down," Rex's executive chairman Dan Broström told The Business Times. The local bourse's key Straits Times Index has dipped 1.2 per cent as Ukraine peace talks show little signs of progress.