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Singapore’s Straits Times Index was little changed at 2,912.89 as of 12:30 p.m. Five stocks fell every three shares that rose 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.
Palm oil suppliers: Shares of palm oil suppliers advanced after Goldman Sachs Group Inc. raised its forecasts for crude palm oil prices by as much as 12%.
Indofood Agri Resources (IFAR SP), the palm oil unit of Indonesia’s biggest noodle maker, gained 2.5% to $2.43. Goldman raised its share-price forecast by 36% to $3.
Wilmar International (WIL SP), the world’s biggest palm oil trader, advanced 2.8% to $6.95. Goldman added the stock to its “conviction buy” list and raised its share- price forecast by 13% to $8.90. Golden Agri-Resources (GGR SP), the world’s second-biggest palm oil producer, added 2.6% to 60 cents.
Dayen Environmental (DAYEN SP), a provider of water- treatment services, climbed 14% to 8 Singapore cents. The company said it won a contract in Qatar.
Fraser & Neave (FNN SP), Singapore’s biggest beverage maker, gained 0.7% to $4.40 after agreeing to sell two suburban shopping malls in Singapore to unit Frasers Centrepoint Trust (FCT SP) for $290.3 million. Frasers Centrepoint dropped 2.1% to $1.42.
Jardine Cycle & Carriage (JCNC SP), the automotive distributor that gets 89% of sales from Indonesia, fell 1.9% to $26.42. Goldman Sachs Group Inc. cut the stock to “neutral” from “buy.”
Novo Group (NOVO SP), a steel supplier, advanced 18% to 26 cents. The company said it seeks a dual primary listing in Hong Kong.
