Singapore’s Straits Times Index gained 0.5% to 3,160.67 as of 9:44 a.m. Five stocks advanced for each that fell in the benchmark equity index of 30 companies.
Shares on the measure trade at an average 15.4 times estimated earnings, compared with about 17.4 times at the beginning of the year, according to data compiled by Bloomberg.
The following shares were among the most active in the market. Stock symbols are in parentheses after the company name.
Financial One Corp. (FIN SP), the provider of financial services, surged 14% to 48 cents. The company said Executive Chairman Andre John-Lee Koo is offering to buy out minority shareholders at 48.5 cents a share as part of a proposed voluntary delisting.
Hyflux (HYF SP), Singapore’s biggest water recycling company, increased 0.9% to $2.32. The company said it appointed Cho Wee Peng as chief financial officer, replacing Sam Ong, who will remain as deputy chief executive officer and focus on developing the group’s business in the Middle East and Africa.
Sembcorp Marine (SMM SP), the world’s second-biggest builder of oil rigs, gained 0.2% to $5.13. BNP Paribas raised its share-price forecast on the stock to $6.78 from $5.58 and maintained its “buy” rating.
United Industrial Corp. (UIC SP), the owner of office buildings and shopping malls in Singapore, advanced 2.1% to $2.46. Developer UOL Group (UOL SP) said it agreed to buy a 9.7% stake in United Industrial Corp. for $320.5 million from United Overseas Bank (UOB SP), raising its stake to 42% from 32.3%.
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