Sep 27, 2012

Yoma, Interra up on US plans to ease Myanmar import ban

Shares of Singapore-listed Myanmar companies such as property developer Yoma Strategic Holdings Ltd jumped on news that the United States would take steps to ease its ban on imports from the country.

Yoma surged 9 percent to S$0.485 with over 52.7 million shares traded, 2.5 times its average daily volume over the last five sessions. Myanmar-based energy company Interra Resources Ltd rose 5.1 percent to S$0.415, also in active trading with 20.3 million shares changing hands versus its five-day average of 12.2 million shares.

Secretary of State Hillary Clinton told Myanmar President Thein Sein on Wednesday that the United States would take steps to ease the U.S. ban on imports from the country, a major boon to the Southeast Asian nation as it emerges from years of political and economic isolation.

"The news is positive for Myanmar businesses, who could really benefit from greater trade and openness in the market," said a local trader.

Source: Reuters