STI gains 0.5% to 2,987.82 at 9:35 a.m.

Singapore’s Straits Times Index gained 0.5% to 2,987.82 as of 9:35 a.m. local time, trimming losses this week to 3.2%. Six stocks advanced for each that fell in the benchmark index of 30 companies.

Shares on the measure trade at an average 13.7 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. 

Allgreen Properties (AG SP), a Singapore-based real estate company controlled by Malaysian billionaire Robert Kuok, climbed 2% to $1.04. The company said full-year net income increased 79% to $290.7 million from the previous year.

 

Sembcorp Industries (SCI SP), the parent of Sembcorp Marine (SMM SP), gained 0.8% to $4.87 ahead of the release of its full-year results. The company is expected to report today a net income of $705 million, according to the average estimate of 17 analysts compiled by Bloomberg. That compares with $683 million in the previous year.

 

Tiger Airways Holdings (TGR SP), a budget carrier partly-owned by Singapore Airlines (SIA SP), increased 3% to $1.39. The company said it plans to buy a 32.5% stake in the Philippines’ South East Asian Airlines for US$6 million ($7.7 million).

 

United Overseas Bank (UOB SP), Singapore’s smallest lender by market value, gained 0.6% to $18.10 ahead of the release its full-year earnings. The company is expected to report today a net income of $2.5 billion, according to the average estimate of 24 analysts compiled by Bloomberg. That compares with $1.9 billion a year ago.

 

Wheelock Properties Singapore (WP SP), a unit of Hong Kong’s Wheelock & Co., retreated 2.1% to $1.85. The company said it will spend 1.4 billion yuan ($272 million) to purchase five properties in China. Residential projects will be built on the sites.