Singapore’s Straits Times Index gained 0.5% to 3,197.17 as of 9:20 a.m. Eight stocks rose for each that fell in the benchmark index of 30 companies. Shares on the measure trade at an average 14.7 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. Stock symbols are in parentheses after the company name.
QAF (QAF SP) climbed 4.6% to 68 cents after the baker said first-quarter net income increased to $28.2 million from $14.5 million a year earlier.
Raffles Medical Group (RFMD SP), a hospital operator, rose 1.4% to $2.24 after saying first-quarter net income increased 16% to $10.5 million from a year earlier.
SATS (SATS SP), the ground-handling services provider partly owned by Temasek Holdings Pte, gained 0.4% to $2.53. The company said it completed the acquisition of a 40% stake in Saudi Arabia’s Adel Abuljadayel Flight Catering Co. for US$18.5 million ($22.7 million).
Straits Asia Resources (SAR SP), the owner of coal mines in Indonesia, jumped 5% to $2.92. The company said it received a license from the Indonesian government to extend its exploration activities in the Northern Leases of its Sebuku mining project.
Yangzijiang Shipbuilding Holdings (YZJ SP), China’s third-largest shipyard outside state control, rose 0.6% to $1.84. The company said first-quarter net income increased 63% to 954.9 million yuan ($179.9 million).
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