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Singapore’s Straits Times Index advanced 0.7% to 3,183.35 as the 12:30 p.m. trading break, heading for its highest close since June 2, 2008. Two stocks gained for each that fell on the 30-member gauge.
Shares on the measure trade at an average 15.6 times estimated earnings, compared with about 17.4 times at the beginning of the year, according to data compiled by Bloomberg. The following shares were among the most active in the market.
Shares on the measure trade at an average 15.6 times estimated earnings, compared with about 17.4 times at the beginning of the year, according to data compiled by Bloomberg. The following shares were among the most active in the market.
Shipping companies: The Baltic Dry Index of commodity- shipping rates climbed 3.7% in London yesterday, taking its three-day advance to 5%.
Mercator Lines Singapore (MRLN SP), an Indian bulk carrier, increased 1.7% to 29.5 cents.STX Pan Ocean Co. (STX SP), South Korea’s biggest bulk carrier, gained 1.9% to $13.92.
Cosco Corp. Singapore (COS SP), a China-based shipbuilder that also operates bulk carriers, rose 2.2% to $1.89. Deutsche Bank AG raised its recommendation on the stock to “buy” from “hold” and increased its share-price forecast to $2.25 from $1.77.
Hyflux (HYF SP), Singapore’s biggest water treatment services provider, gained 1.3% to $3.17. Standard Chartered Bank Plc initiated coverage of the stock with an “outperform” rating and a share-price forecast of $3.80.
IDT Holdings Singapore (IDT SP), a maker of liquid crystal displays, surged 10% to 53 cents. Its parent IDT International, a Hong Kong-based electronics maker, said it has offered to buy the rest of its Singapore- listed subsidiary for 54 cents per share.
Parkway Life Real Estate Investment Trust (PREIT SP), the health-care trust partly owned by Asia’s biggest hospital operator, gained 2.4% to $1.69. DBS Group Holdings increased its share-price forecast to $1.84 from $1.59 and maintained its “buy” recommendation on the stock.
Sembcorp Marine (SMM SP), the world’s second-biggest builder of oil rigs, climbed 4.1% to $4.29. The company said it won a contract for two jack-up drilling rigs worth as much as US$364 million ($477.1 million) from a unit of Houston-based Atwood Oceanics Inc. The contract includes options for three additional rigs valued at as much as US$200 million each, it said.
Singapore Airlines (SIA SP), the world’s second- largest carrier by market capitalization, gained 0.5% to $16.52. The company said it will equip long-range wide-body planes with Internet and phone-message access to meet growing demand from business travelers.
