Singapore’s Straits Times Index gained 0.4% to 2,897.54 as of 10:00 a.m. local time, erasing losses of as much as 0.3% earlier. About four stocks rose for every three that fell in the index of 30 companies. The following shares were among the most active in the market.
Shipping companies: The Baltic Dry Index, a measure of commodity shipping costs, advanced 5.3% in London yesterday, snapping a three-day decline. Cosco Corp. Singapore (COS SP), a shipbuilder and bulk shipping company, rose 2.2% to $1.145. STX Pan Ocean Co. (STX SP), South Korea’s biggest bulk carrier, gained 2.7% to $9.02.
Global Logistic Properties (GLP SP), an operator of warehouses in China and Japan, climbed 2.7% to $1.715. The company said it and the Canada Pension Plan Investment Board will each invest US$250 million over three years in a joint venture to develop logistics facilities in Japan.
Hsu Fu Chi International (HFCI SP), a China-based snack and candy maker, gained 1% to $4.20. The company said it will convene a shareholder meeting to approve the proposed acquisition by Nestle SA, the world’s largest food company, of a 60% stake in the company. Nestle in July offered $2.07 billion, or $4.35 a share, for the stake.
Yanlord Land Group (YLLG SP), a homebuilder in China, rose 2.8% to 93 cents. The company said it sold 155 residential units of Yanlord Sunland Gardens, an apartment project in Shanghai, for 1.7 billion yuan ($321 million).
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