Singapore’s Straits Times Index increased 1% to 3,196.48 as of the 12:30 p.m. trading break, heading for its highest close since Feb. 2. The gauge is set for an advance of 1.4% this week. The market will be shut tomorrow for a holiday. All but three stocks in the benchmark index of 30 companies rose.
Shares on the measure trade at an average 14.6 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.
Shares on the measure trade at an average 14.6 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.
Ascott Residence Trust (ART SP), the serviced-apartment operator partly owned by CapitaLand (CAPL SP), gained 1.7% to $1.20. The company said it will distribute 2.14 cents per share of its first-quarter income, compared with 1.66 cents per share a year ago.
CapitaLand (CAPL SP), Southeast Asia’s biggest developer, increased 1.2% to $3.45. The company said it sold its 40% stake in TCC Capital Land to its joint venture partner TCC Land Co., a Thailand-based real-estate company controlled by billionaire Charoen Sirivadhanabhakdi. The stake was sold for 2.34 billion baht ($96.7 million).
CapitaMall Trust (CT SP), Singapore’s biggest retail property trust, gained 1.6% to $1.89. The company said first-quarter revenue rose 11% to $154 million.
Hi-P International (HIP SP), the electronics manufacturing services provider whose clients include BlackBerry-maker Research in Motion and Apple Inc., advanced 2.6% to S$1.20. Apple reported profit that almost doubled as rising demand for Mac computers and the iPhone outweighed lower-than-predicted sales of the iPad tablet.
Keppel Corp. (KEP SP), the world’s largest maker of oil platforms, increased 1.6% to $12.92. The company said first-quarter net income rose to S$346.2 million from a restated $321.3 million a year earlier. Separately, UOB-Kay Hian Holdings raised its share-price forecast to $14.80 from $13 and maintained its “buy” rating.
SembCorp Marine (SMM SP), the world’s second-biggest oil-rig builder, gained 0.8% to $5.99. UOB-Kay Hian boosted its share-price forecast to $6.90 from $6.10 and maintained its “buy” recommendation.
Straits Asia Resources (SAR SP), the owner of coal mines in Indonesia, climbed 4.1% to $2.77. DMG & Partners Securities raised its rating to “buy” from “neutral” and boosted its share price forecast to $3.08 from $2.49.
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