* Index up 0.35 pct; may rise further after break

* Wilmar, Sembcorp Industries and Sembcorp Marine up

* Golden Agri underperforms

 

By Eveline Danubrata

SINGAPORE, Nov 9 (Reuters) - Singapore shares were up 0.35 percent at a 34-month high at midday on Tuesday, led by palm oil firm Wilmar International and oil rig builder Sembcorp Marine , and may rise further in the afternoon.

The Straits Times Index (STI) <.FTSTI> was up 11.48 points at 3,311.81, down from a high of 3,313.34. Total market volume was 1.9 billion shares.

"The market has had a reasonably strong run so far and there is room for some profit-taking, but I think the undertone remains firm," said Kevin Scully, executive chairman and founder of NetResearch Asia.

"Unless there are negative earnings surprises, the index will move up because of the liquidity in the market and the relatively low price-earnings ratio of the market," he added.

Local traders saw the STI rising further after the midday break, but others said it might pull back slightly although support may kick in at around 3,300 points.

Shares of Wilmar International, the world's largest palm oil firm, rose as much as 3 percent after it said Australia's Foreign Investment Review Board had approved its $1.5 billion purchase of Sucrogen from CSR Ltd . [ID:nSGE6A8024]

At midday, Wilmar shares were up 2.5 percent at S$6.90 on a volume of 12.4 million shares.

Singapore rig building and engineering conglomerate Sembcorp Industries said on Monday it posted a 65 percent rise in third quarter net profit, helped by increased contributions from rigbuilding unit Sembcorp Marine. [ID:nSGE6A70J1]

Sembcorp Marine shares rose as much as 4.1 percent and at midday were up 3.5 percent at S$5.10 on a volume of 8.6 million shares. Sembcorp Industries shares were up 2.1 percent at S$4.93 with 3.6 million shares changing hands.

However, shares of Singapore-listed palm oil firm Golden Agri-Resources fell as much as 3.2 percent on profit-taking after the shares shot up the previous day. [ID:nSGE6A802X]

Golden Agri shares were down 1.3 percent at S$0.77 on a volume of 70.4 million shares.

(Reporting by Eveline Danubrata; Editing by Raju Gopalakrishnan)

((eveline.danubrata@thomsonreuters.com; +65 6403 5669; Reuters Messaging: eveline.danubrata.reuters.com@reuters.net)

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