Singapore’s Straits Times Index gained 0.5% to 2,935.02 as of the 12:30 p.m. trading break, set for its highest closing level since July 2008. Five stocks advanced for each that fell on the 30-member gauge.

 

Stocks on the measure trade at 15.9 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 4.1% yesterday in London, taking a two-day gain to 8.8%. Cosco Corp. Singapore (COS SP), a China-based shipbuilder that also operates bulk carriers, rose 0.8% to $1.28. STX Pan Ocean Co. (STX SP), South Korea’s biggest bulk carrier, climbed 3.6% to $14.52.

 

Palm oil suppliers: Crude palm oil for March delivery gained 1.5% in Kuala Lumpur today, extending gains in the past five days to 5.1%. Golden Agri-Resources (GGR SP), the world’s second-biggest palm oil producer, advanced 3.7% to 56 cents. Indofood Agri Resources (IFAR SP), the palm oil unit of Indonesia’s biggest noodle maker, added 2.1% to $2.43. Wilmar International (WIL SP), the world’s biggest palm oil trader, gained 1.4% to $6.73.

 

City Developments (CIT SP), Singapore’s second-biggest developer, dropped 1.8% to $11.82. Kim Eng Holdings cut the stock to “hold” from “buy,” citing valuation concerns.

 

Midas Holdings (MIDAS SP), a supplier of aluminum extrusion profiles used in train carriages, added 2.1% to 99.5 cents, poised for its highest closing level since May 2008. The company said it won two contracts worth 60.6 million yuan ($12.4 million) in Singapore and China.

 

SembCorp Industries (SCI SP), owner of the world’s second-biggest oil rig builder, gained 1.1% to $3.75. The stock was raised to “outperform” from “neutral” at Macquarie Group.

 

Straits Asia Resources (SAR SP), the coal miner controlled by Thailand’s PTT Pcl, climbed 1.5% to $2.70 as plunging temperatures in China boost demand for coal.

 

“Chinese thermal demand is being driven by cold weather and a seasonal slowdown in hydro-power supply during the winter,” Macquarie analysts Adam Worthington and Albert Saputro wrote in a note yesterday.

 

ST Engineering (STE SP), Asia’s biggest aircraft maintenance company, advanced 2.8% to $3.36. DBS Group Holdings  maintained its “buy” rating and raised its share-price forecast to $3.80 from $3.30.

United Overseas Bank (UOB SP), Singapore’s second- biggest lender, rose 0.6% to $19.74. Prudential Plc is planning to buy United Overseas Bank’s life insurance unit for $430 million, the Financial Times reported, citing a person familiar with the deal. Trading of the bank’s shares has been suspended pending an announcement. It will hold a briefing after the market closes, according an emailed statement.