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Singapore’s Straits Times Index rose 0.2% to 3,073.29 as of 9:30 a.m. local time, heading for its fourth weekly advance. Two stocks gained for each that fell on the 30-member gauge.
Shares on the measure trade at an average 14.9 times estimated earnings, compared with about 17.4 times at the beginning of the year, according to Bloomberg data. The following shares were among the most active in the market.
Shares on the measure trade at an average 14.9 times estimated earnings, compared with about 17.4 times at the beginning of the year, according to Bloomberg data. The following shares were among the most active in the market.
Genting Singapore Plc (GENS SP), operator of one of two casino resorts in the city, rose 0.5% to $2.04, heading for a record close. The Singapore gaming market could surpass the gross income of the Las Vegas strip by 2012, The Business Times reported, citing Sheldon Adelson, chairman of rival Las Vegas Sands Corp. DMG & Partners Securities raised its share-price forecast to $2.65 from $2.02 and maintained its “buy” rating.
Olam International (OLAM SP), one of the world’s three biggest suppliers of cotton, gained 0.3% to $2.99. Cotton extended a rally to the highest price in 15 years as textile mills rushed to make purchases amid limited supplies.
Tiger Airways Holdings (TGR SP), the budget carrier partly-owned by Singapore Airlines(SIA SP), gained 1.5% to $2.02. The company said it got French Export Credit Agency backing to buy nine Airbus SAS A320 aircraft.
United Envirotech (UENV SP), an environmental engineering company, rose 1%to 49.5 cents. The company said it is building a wastewater treatment facility in Sichuan, China. The project will cost 200 million yuan ($39.7 million).