Singapore’s Straits Times Index gained 0.3% to 2,754.07 as of 9:30 a.m. Three stocks rose for each that fell on the 30-member gauge.

Shares on the measure trade at 13.5 times estimated earnings, compared with about 17.5 times at the beginning of the year, according to Bloomberg data. The following shares were among the most active in the market. 

 

Asiatravel.com Holdings (AST SP), a Singapore-based provider of online hotel and travel reservations, climbed 2.9% to 36 cents. The stock was upgraded to “buy” from “neutral” at DMG & Partners Securities Pte, which cut its share-price target to 56 cents from 61 cents.

 

First Ship Lease Trust (FSLT SP), a Singapore-based ship- leasing company, slumped 6.8% to 41.5 cents after its BB- rating was placed on Creditwatch for a possible downgrade by Standard & Poor’s Ratings Services. The company’s credit profile “could come under pressure” after its customer Groda Shipping & Transportation asked to return two tankers to First Ship Lease Trust, S&P said.

 

Olam International (OLAM SP), the Singapore-based supplier of agricultural commodities, gained 1.6% to $2.51, extending yesterday’s 1.2% advanced. OCBC Investment Research reiterated its “buy” rating and share- price forecast of $3.61 for Olam, saying the acquisition of ConAgra Foods Inc.’s dehydrated and vegetable products business will boost earnings. The acquisition was announced yesterday.

 

Singapore Telecommunications (ST SP), Southeast Asia biggest phone company also known as SingTel, gained 0.4% to $2.89. Bharti Airtel said it completed the acquisition of the African assets of Kuwait’s biggest phone company Mobile Telecommunications Co., also known as Zain, for US$9 billion ($12.7 billion). SingTel holds a 15.6% stake in Bharti.