STI gains 1% to 3,220.01 at trading break

Singapore’s Straits Times Index gained 1% to 3,220.01 as of 12:08 p.m. local time, heading for its highest close since Jan. 28. Six stocks rose for each that fell in the index of 30 companies. The stock market started trading today without a lunch break, operating non-stop from 9 a.m. through 5:10 p.m.

Shares on the measure trade at an average 14.9 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.

Palm-oil producers: Crude palm-oil futures for October delivery rose as much as 0.8% in Kuala Lumpur today, heading for the first advance in three days. Golden Agri- Resources (GGR SP), the world’s second-biggest palm-oil producer by sales, increased 1.4% to 74 cents. Wilmar International (WIL SP), the world’s biggest palm-oil processor by sales, added 0.7% to $5.93.

Jardine Cycle & Carriage (JCNC SP), a motor distributor that gets most sales from Indonesia, advanced 1.9% to $49.30. The company said first-half net income climbed 35% from a year earlier to US$485 million ($582.5 million)

 

SATS (SATS SP), a ground-handling services provider partly-owned by Temasek Holdings, added 0.8% to $2.54. The company said it and Creuers del Port de Barcelona SA jointly submitted a bid to operate a new international cruise terminal in Singapore.

 

Tiger Airways Holdings (TGR SP), the budget carrier partly owned by Singapore Airlines (SIA SP), increased 1.7% to $1.225. The company said its Australian flights will remain grounded until at least Aug. 3. The regulator, which suspended Tiger’s flights in Australia since July 1 due to safety concerns, last week set conditions before allowing the airline to resume operations.

 

United Envirotech (UENV SP), an environmental engineering company, surged 11% to 39 cents. The company said KKR & Co. agreed to buy $113.8 million of the company’s convertible bonds. The five-year bonds carry a coupon rate of 2.5% per annum and can be converted into United Envirotech shares at 45 Singapore each, it said.