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Singapore Hot Stocks-Biosensors jumps on clinical trial news

Reuters - Tuesday, August 26

SINGAPORE, Aug 26 - Shares of medical technology company Biosensors International <BIOS.SI> soared by 9.4 percent on Tuesday after it said it would be presenting the results of a clinical trial of one of its heart stents next month.

A trader called the announcement a "catalyst" awaited by investors amid poor stock market sentiment.

Biosensors shares were 6.6 percent higher at S$0.565 by 0732 GMT, while the broader market <.FTSTI> was 1.2 percent lower. Turnover was heavy with nearly 5 million shares traded.

"The announcement will make it more visible and might help it move into the guarded American market. Biosensors has struggled in the past but it should have overcome most of its worst challenges. I anticipate sales growth in Asia, China and Europe," said another trader from a local securities firm.

Biosensors said it would present the results of the clinical trial at the European Society of Cardiology meeting in Germany on Sept 1. [ID:nSN8Q50271]

The company said the nine-month trial is expected to produce results confirming the safety and efficacy of its "BioMatrix" system.

ENG WAH SHARES FALL AFTER SIAS REQUEST

Shares of Eng Wah Organisation <ENGW.SI> fell by 7.4 percent on Tuesday to a seven-month low after it announced the sale of four of its properties to a company owned by its major shareholder for S$99.48 million .

Investor confidence was hit following a call by the Securities Investors Association of Singapore, which represents retail investors, for Eng Wah to be more transparent in the sale of its properties, namely to "ensure that the sale price is maximised".

Eng Wah shares were 5.3 percent lower at S$0.90 with 86,000 shares traded.

0738 GMT - Straits Times Index <.FTSTI> was down 1.3 percent.

AUSGROUP DIPS AFTER UOB DOWNGRADE

Shares of Australia-based engineering firm AusGroup <AUSG.SI> fell as much as 8.7 percent on Tuesday to nearly a two-year low, after UOB downgraded the company to a "sell" due to its poor fourth-quarter results.

The group, which invests in sectors such as oil and gas and mining, reported on Monday that its April-June net profit fell 7.2 percent to A$5.7 million compared to a year earlier.

UOB analysts in a report attributed AusGroup's fall in earnings to sharply lower margins, high operating expenses and unit Cactus' disappointing sales, and lowered its price target to S$0.43 from S$1.40.

However, OCBC said on Tuesday that it was maintaining its "buy" recommendation for AusGroup due to the positive outlook for the industry, and the firm's current low share price.

AusGroup shares fell as much as 8.7 percent in intra-day trading to S$0.42, with about 4.7 million shares traded.

0400 GMT - Straits Times Index <.FTSTI> was down 1.5 percent.

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