Singapore’s Straits Times Index rose 0.2% to 3,160.41 at the midday trading break. Seven stocks advanced for every four that fell on the benchmark index of 30 companies.
Shares on the measure trade at an average 14.4 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 14.4 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.
DBS Group Holdings (DBS SP), the biggest Southeast Asian bank’s China unit, gained 0.3% to $14.70. The company earned 250 million yuan ($47.7 million) of profit last year, Melvin Teo, chief executive officer of DBS China, said told reporters in Shanghai on April 15. The lender is set to have 50 Chinese outlets by 2013.
Longcheer Holdings (LHL SP), a China-based mobile phone designer, tumbled 13% to 28 cents. The company said it expects lower third-quarter revenue, lower gross profit margins from competition, and higher operating expenses because of labor costs in developing new products.
Overseas Union Enterprise (OUE SP), a Singapore-based hotel operator, rose 1.6% to $3.21. The company said it will buy the Crowne Plaza Changi Airport Hotel for $250 million. OUE will also buy an adjacent block of land for S$43 million and build a 200-room Holiday Inn Express. The acquisition will boost the number of hotel rooms it has in Singapore to as much as 2,146 from 1,626 now, OUE said.
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