Singapore Coal Plays Fall On European Coal Prices

[Dow Jones] Coal-related stocks in Singapore tumble in response to sharp fall in coal prices in Europe and U.S. Straits Asia Resources down 9.2% while Noble Group down 6.1%. But decline may be mere knee-jerk reaction, as global coal demand remains robust. Local house dealer says weakness may be opportunity to accumulate as industry fundamentals remain positive for sector; "we do not see any easing in the oil prices in the short to medium term. Higher oil prices potentially make coal a more attractive power source." Near-term support for Noble at S$1.93, based on 61.8% retracement of rise to 52-week high of S$2.87 from August 2007 low of S$1.35.