Singapore’s Straits Times Index gained 0.8% to 2,801.24 as of 10 a.m. local time. Twenty- three stocks rose on the 30-member gauge.

Shares on the measure trade at 13.8 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. 

 

Commodity Stocks: The Reuters/Jefferies CRB Index, which tracks the price of 19 commodities including copper and corn, rose 0.8% in New York yesterday, taking gains in the past four days to 2.5%. Noble Group (NOBL SP), the commodities supplier partly owned by China Investment Corp., rose 1.1% to $1.80. Olam International (OLAM SP), a Singapore-based supplier of agricultural commodities, advanced 1.6% to $2.56.

 

CapitaLand (CAPL SP), Southeast Asia’s biggest developer, increased 1.8% to $3.60. Its unit CapitaMalls Asia, which owns and operates shopping malls in the region, may sell shares in its Malaysian unit in an initial public offering depending on market conditions. CapitaMalls closed yesterday up 1.5% to $2.10. Trading on the stock has been halted today.

 

CapitaMalls Asia plans to sell 786.5 million shares and will retain as much as a 41.7% stake in the Malaysian trust after the sale, according to a statement to the Singapore exchange today. It did not say how much it hopes to raise from the planned IPO. The shopping mall operator has received the Malaysian regulator’s approval for the offering.

 

CWT (CWT SP), a provider of logistics services, gained 1.7% to 89.5 cents. CIMB Group Holdings Bhd upgraded the stock to “outperform” from “neutral.”

 

Otto Marine (OTML SP), a Singapore-based shipbuilder, climbed 2.5% to 41.5 cents. The company said its Reflect Geophysical unit won a contract valued at US$8 million to provide a seismic survey for New Zealand’s Anadarko NZ Taranaki Co. It is the second contract announced by the company this week.