STI gains 0.8% to 3,162.43 at trading break

Singapore’s Straits Times Index gained 0.8% to 3,162.43 as of the 12:30 p.m. trading break. Eight stocks rose for each that fell on the index of 30 companies.

Shares on the measure trade at an average 14.5 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.

 

Global Logistic Properties (GLP SP), an operator of warehouses, added 0.5% to $2.08. The company said it submitted a bid to buy LaSalle Investment Management’s Japan holdings that include more than 20 industrial and warehouse buildings. The acquisition will be made through a “fund structure” with one or more institutional investors, it said in a statement to the Singapore exchange today, responding to media reports it’s paying $2.1 billion for the assets.

 

Hi-P International (HIP SP), an electronics contract- manufacturer whose clients include BlackBerry-maker Research in Motion, slumped 6.4% to 94.5 Singapore cents. The company said it expects to post a decline in revenue and net profit for the second quarter ended June 30 because of project delays, higher raw material costs and increased wages.

Keppel Corp. (KEP SP), the world’s biggest builder of oil rigs, increased 1% to $11.29. The company said its Keppel FELS unit received an order from Asia Offshore Drilling to build a jack-up rig for US$184 million ($225 million).

 

Tiger Airways Holdings (TGR SP), the budget carrier partly owned by Singapore Airlines (SIA SP), plunged 11% to $1.055 after Australia ordered the airline to suspend its domestic flights until July 9 on safety concerns. The country’s air safety bureau said it will decide later this week whether to seek a court order to keep the airline grounded for a longer period. The ban may cost the company $2 million a week, Tiger Air said in a statement yesterday.