Short-lived rally for Kim Heng on Iran foray

Singapore

SHARES in Kim Heng Offshore & Marine Holdings staged an early rally bid on Friday following a pre-market announcement by the company on its planned foray into Iran. But the strong opening and subsequent rise proved short-lived as the stock fell in tandem with the broad market.

News about the company's strategic partnership in the oil and gas-rich Middle Eastern country did not seem to stir investor interest: close to 632,000 shares changed hands for the day, compared with a three-month average trading volume of 770,000 shares.