Singapore’s Straits Times Index gained 0.9% to 2,783.20 as of 9:27 a.m. Six stocks rose for each that fell on the 30-member gauge. The market was shut in the past two days for the Lunar New Year holiday.

 

Stocks on the measure trade at 14.8 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, gained 1.3% in London yesterday, snapping losses of 5.7% in the past five days. Cosco Corp. Singapore (COS SP), a China-based shipbuilder that also operates bulk carriers, climbed 1.6% to $1.27. STX Pan Ocean Co. (STX SP), South Korea’s biggest bulk carrier, rose 0.7% to $14.42.

 

Commodity suppliers: The Reuters/Jefferies CRB Index, which tracks 19 commodities including corn and copper climbed 2.6% in New York yesterday, its biggest gain since Nov. 16. Noble Group (NOBL SP), a Hong Kong-based commodities supplier, advanced 3.7% to $3.08. Olam International (OLAM SP), a supplier of agricultural commodities, increased 3.2% to $2.62.

 

Ascendas Real Estate Investment Trust (AREIT SP), an industrial landlord, rose 1.6% to $1.93. The company said it plans to buy three properties in Singapore for $228.5 million.

 

SIA Engineering (SIE SP), the aircraft maintenance unit of Singapore Airlines (SIA SP), gained 1.2% to $3.50. HSBC Holdings Plc upgraded the stock to “overweight” from “neutral,” saying it expects the company’s net profit to increase 19% in the year ending March 31, 2011.

 

Singapore Land (SL SP): The island nation’s seventh- biggest property developer by market value gained 1.3% to $6.38. Kim Eng Holdings raised its share-price estimate to $6.69 from $5.68 and maintained its “hold” rating.

 

Singapore Telecommunications (ST SP), the island nation’s biggest phone company, slipped 0.7% to $3.00. UBS AG downgraded the stock to “neutral” from “buy”.