Singapore’s Straits Times Index gained 0.9% to 2,920.28 at the close, its highest closing level since July 31, 2008. Five stocks advanced for every two shares that fell on the 30-member gauge.

 

Stocks on the measure trade at 15.8 times estimated earnings, compared with about 10 times at the start of 2009, according to data compiled by Bloomberg. The following shares were among the most active in the market. 

 

Bulk carriers: The Baltic Dry Index, which measures the cost of shipping commodities, climbed 4.5% yesterday in London, its first advance since Dec. 4. Cosco Corp. Singapore (COS SP), a China-based shipbuilder that also operates bulk carriers, gained 3.3% to $1.27. STX Pan Ocean Co. (STX SP), South Korea’s biggest bulk carrier, climbed 3.1% to $14.02.

 

Palm oil producers: Crude palm oil for March delivery gained 0.2% in Kuala Lumpur today, extending its gains over the last four days to 3.7%. Golden Agri-Resources (GGR SP), the world’s second-biggest palm oil producer, climbed 4.9% to 54 cents. Wilmar International (WIL SP), the world’s biggest palm oil trader, added 3.3% to $6.64. First Resources (FR SP), an Indonesian palm oil supplier, advanced 4.9% to $1.07.

 

Boustead Singapore (BOCS SP), an engineering company, jumped 5.1% to 83 cents. The company said it secured contracts worth $68 million from the oil and gas industry.

 

MobileOne (M1 SP), Singapore’s smallest mobile phone company, rose 2.1% to $1.93. DBS Group Holdings upgraded the stock to “buy” from “hold” and raised its share-price forecast to $2.15 from $1.95.

 

Parkway Holdings (PWAY SP), Singapore’s biggest hospital operator, climbed 4.4% to $3.06, its highest closing level since May 16, 2008. Citigroup Inc. raised its share-price forecast to $3.40 from $2.85 and maintained its “buy” rating.

 

SIA Engineering Co. (SIE SP), the aircraft maintenance unit of Singapore Airlines , surged 7.6% to $3.70, the most gain since July 3, 2006. The stock was rated a “buy” with a share-price forecast of $4.15 in new coverage at BNP Paribas.

 

Tung Lok Restaurants (TUNG SP), a restaurant operator, surged 23% to 16 cents. The company said it won a contract to operate two staff cafeterias for Resort World Sentosa, owner of one of two Singapore casinos that will open this quarter.