STI gains 0.1% to 3,194.41 at 9:38 a.m.

Singapore’s Straits Times Index gained 0.1% to 3,194.41 as of 9:38 a.m. local time, erasing losses of as much as 0.2%. Two stocks rose for each that fell n the index of 30 companies. The gauge was headed for a 0.4% increase this week, extending its advance this month to 2.3%.

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. 

GMG Global (GGL SP), an owner of rubber plantations in West Africa, rose 1.9% to 27 cents. The company said second-quarter net income increased 90% from a year earlier to $18 million.

 

Hongkong Land Holdings (HKL SP), one of the biggest landlords in the Chinese city’s central business district, gained 1.1% to US$6.70. The company said first-half net income increased to US$3.8 billion ($4.6 billion) from US$1.6 billion a year earlier, bolstered by higher valuations of its investment properties. Excluding such gains, the company said first-half profit dropped 23% from a year earlier to US$365 million.

Hyflux (HYF SP), Singapore’s biggest water treatment company, slid 1.8% to $1.965. The company said a fire broke out yesterday at its warehouse in Algeria, damaging US$50 million worth of equipment and delaying the completion of its water-desalination project in the country to May 2012 instead of August 2011.

 

Midas Holdings (MIDAS SP), a supplier of aluminum alloy profiles used in train carriages in China, climbed 6.3% to 59.5 cents. The company said it won contracts, valued at 3.1 billion yuan ($579.2 million), for the supply of train cars for two rail projects of Nanjing Metro Co.

 

Otto Marine (OTML SP), a shipbuilder, declined 2.5% to 19.5 cents. The company said it expects to report a second-quarter loss due to the cancellation of contracts for two vessels and reduced contributions from a unit.

 

Singapore Airlines (SIA SP), the world’s second- largest carrier by market value, declined 3.4% to $14.21. The company said first-quarter profit fell 82% from a year earlier to $44.7 million because of higher fuel costs and waning travel demand. That missed the average estimate of $127 million by four analysts compiled by Bloomberg.

 

Tiger Airways Holdings (TGR SP), the budget carrier partly owned by Singapore Airlines, slipped 0.8% to $1.225. The company said the Civil Aviation Safety Authority of Australia has set “conditions” before it allows the company to resume domestic flights in the country. It didn’t say what the conditions were. The regulator suspended Tiger’s flights in Australia on July 1 due to safety concerns.