Singapore’s Straits Times Index rose 0.6 to 2,766.11 as of 10:17 a.m. More than three stocks gained for each that dropped on the 30-member gauge. Shares on the measure trade at 14.6 times estimated earnings, compared with about 10 times at the start of 2009, according to data compiled by Bloomberg.

CapitaLand (CAPL SP), Southeast Asia’s biggest developer, lost 0.3% to $3.77 while City Developments (CIT SP), Singapore’s second-biggest developer, fell 0.6% to $10.22 as the government increased development charges for residential properties by 8% for condominium housing projects and by 12% for free-standing homes. The new charges will take effect from today.

United Overseas Bank (UOB SP), Singapore’s second-biggest lender, fell 0.2% to $18.60. Credit Suisse Group AG cut the stock to “neutral’ from “outperform”.

Venture Corp. (VMS SP), Singapore’s biggest electronics contract manufacturer, climbed 2.1% to $8.62. The company said net income in the fourth quarter increased to $16.8 million from $4.6 million a year ago. OCBC Investment Research upgraded the stock to “buy” from “hold”.

Wilmar International (WIL SP), the world’s biggest palm oil trader, gained 1.4% to $6.59. The company said fourth-quarter profit rose 18% to US$442 million ($622 million) from US$373.6 million a year earlier. The median forecast of six analysts polled by Bloomberg was US$391 million.