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Singapore’s Straits Times Index gained 0.7% to 3,071.03 at the close, the highest since June 9, 2008. Three stocks rose for each that fell on the 30- member gauge.
Shares on the measure trade at an average 15 times estimated earnings, compared with about 17.4 times at the beginning of the year, according to Bloomberg data.
Shares on the measure trade at an average 15 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.
Ascott Residence Trust (ART SP), the serviced-apartment operator partly owned byCapitaLand (CAPL SP), rose 1.7% to $1.17. The company said it raised $453.2 million from its private placement of 419.66 million new units at a price of $1.08 each. UOB-Kay Hian Holdings maintained its “buy” rating and share price forecast of $1.40.
Genting Singapore Plc (GENS SP), the operator of one of two casino resorts in the city-state, jumped 3.1% to $1.97. DBS Group Holdings raised its share-price forecast to $2.36 from $2 and maintained its “buy” rating on the stock.
Olam International (OLAM SP), one of the world’s three biggest suppliers of cotton, climbed 3.8% to $3.02. Cotton extended a rally to the highest price in 15 years in New York yesterday amid tightening global supplies.
Renewable Energy Asia Group (REAG SP), the maker of wind-turbine components, advanced 3.2% to 32 cents. The company said it will build a wind farm, with a capacity of up to 1,200 megawatts, in Jiuquan, China.
Singapore Exchange (SGX SP), operator of the city’s derivatives and securities exchange, rose 0.7% to $8.26. Deutsche Bank AG raised its share-price forecast to $9.50 from $8.90 and maintained its “buy” rating, saying the bourse operator’s introduction of American depositary receipts next month will help boost trading volumes.
Straits Asia Resources (SAR SP), owner of coal mines in Indonesia, gained 0.9% to $2.32.Nomura Holdings Inc. initiated coverage of the stock with a “buy” rating and a share-price forecast of $2.80.
Tiger Airways Holdings (TGR SP), the budget carrier partly-owned by Singapore Airlines(SIA SP), increased 3.6% to $2.02. The company said it filled 86% of seats in August, compared with 81% a year earlier as it transported 18% more passengers.
Yangzijiang Shipbuilding Holdings (YZJ SP), a China- based shipbuilder, surged 4.8% to $1.75, the highest since Jan. 10, 2008. Bank of America Corp.’s Merrill Lynch unit reinstated coverage of the stock with a “buy” rating and share-price forecast of $2.26.
