Stock News: China Fishery on quest for new fishing areas

China Fishery up on quest for new fishing areas China Fishery Group extended its gains, with the stock trading near a 52-week high of 3.10 sgd per share, as the company makes efforts to secure new fishing grounds, dealers said. In early trading, China Fishery was up 0.07 sgd or 2.34 pct at 3.06, with 537,000 shares traded. China Fishery's need for new fishing grounds is an indication that its business is continuing to do well, dealers said. "The company is currently in preliminary negotiations with certain parties on the possibility of increasing the group's fishing grounds," China Fishery replied when Singapore Exchange asked it to explain the surge in the price of its shares and the volume traded. Last year, China Fishery's net profit surged to 30.66 mln usd from 17.65 mln usd the year before, driven by strong demand. DBS Equity Research, which initiated coverage of China Fishery in February, expects the company's net profit to rise to 70.8 mln usd this year and to 87.9 mln usd next year.