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Singapore’s Straits Times Index rose 0.8% to 3,175.85 as of the 12:30 p.m. local trading break. About six stocks advanced for each that declined 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 Bloomberg data. 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 Bloomberg data. The following shares were among the most active in the market.
Bulk shipping companies: The Baltic Dry Index, which measures the cost of shipping commodities, gained 0.9% in London yesterday. Cosco Corp. Singapore (COS SP), a China- based shipbuilder that also operates bulk carriers, increased 2.2% to $1.90. Neptune Orient Lines (NOL SP), Southeast Asia’s biggest container carrier, gained 0.5% to $2.04.Mercator Lines (Singapore) (MRLN SP), an Indian bulk carrier, advanced 1.7% to 29.5 cents.
Commodity suppliers: The Reuters/Jefferies CRB Index, which tracks prices of 19 commodities from copper to corn, rose 0.5% yesterday in New York, extending its three-day advance to 3.7%.
Noble Group (NOBL SP), a Hong Kong-based commodities supplier, rallied 1% to $1.97.Olam International (OLAM SP), a Singapore-based supplier of agricultural commodities, rose 1.3% to $3.15.
CDL Hospitality Trust (CDREIT SP), the hotel operator partly-owned by City Developments (CIT SP), increased 1.4% to $2.14. The company was rated “outperform” in new coverage atCredit Suisse Group AG, which said the company is a key beneficiary of the “strong” visitor growth in Singapore.
The brokerage has a share-price estimate of $2.52, according to a report by Yvonne Voon and Tricia Song.
China Aviation Oil Singapore Corp. (CAO SP) climbed 2.6% to $1.60. The supplier of jet fuel to China said the company and BP Plc, its second-largest shareholder, have entered into an agreement for a collaboration, which will take effect on Jan. 1, 2011.
Freight Links Express Holdings (FLE SP) surged 6.3% to 8.5 cents. The provider of freight forwarding and warehousing services plans to raise about $600 million selling shares in an initial public offering for a Shariah-compliant real-estate investment trust, the Business Times reported. Freight links plans to list the REIT, which would hold about $850 million of industrial properties in Singapore, by the end of this year, the newspaper said, citing people it didn’t identify.
Yanlord Land Group (YLLG SP), a China-based developer, jumped 3.5% to $1.76. The company was rated “buy” in new coverage at Deutsche Bank AG by equity analyst Jason Ching.
Yangzijiang Shipbuilding Holdings (YZJ SP), a China- based shipbuilder, rose 1.6% toS$1.90. The company said it set up a new subsidiary in China that will engage in supply of marine equipment and materials. Also, the company was rated “buy” in new coverage atCitigroup Inc. with a share-price estimate of $2.25.
