Singapore’s Straits Times Index gained 0.2% to 3,252.02 as of 9:30 a.m. Two stocks rose for each that fell in the benchmark equity index of 30 companies.
Shares on the measure trade at an average 14.8 times estimated earnings, compared with about 15.6 times at the end of 2010, according to data compiled by Bloomberg.
The following shares were among the most active in the market. Stock symbols are in parentheses after the company name.
CapitaLand (CAPL SP), Southeast Asia’s biggest developer, gained 0.5% to $3.83. Nomura Holdings Inc. raised its recommendation to “buy” from “neutral” and increased its share-price estimate to $4.37 from $4.25.
Ezra Holdings (EZRA SP), the provider of logistics services to the oil and gas industry, advanced 1.7% to $1.84 after winning new vessel charter deals, valued at US$73 million ($94 million). Separately, the company said first-quarter profit declined 28% to US$13.3 million from a year earlier.
Lian Beng Group (LBG SP), a Singapore-based construction company, climbed 3% to 34 cents after saying first-half net income doubled to $22.7 million from $11.4 million a year earlier.
Manhattan Resources (MRL SP), a provider of marine and land reclamation services, increased 3.8% to $1.36. The company said it formed a joint venture to bid for a site in China’s Ningbo city. The project is expected to cost 1.1 billion yuan ($214.4 million) if its group wins the bid, the company said.
Yangzijiang Shipbuilding Holdings (YZJ SP), China’s third-largest shipyard outside state control, gained 2% to $2.05. The company said it won 15 shipbuilding contracts, valued at US$415.3 million ($534.5 million), in the fourth-quarter.
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