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Singapore’s Straits Times Index climbed 1.5% to 3,066.81 at the close, its highest since June 9, 2008. Eight stocks advanced for each that fell on the 30-member gauge.
Shares on the measure trade at an average 14.9 times estimated earnings, compared with about 17.4 times at the beginning of the year, according to Bloomberg data. The following shares were among the most active in the market.
Shares on the measure trade at an average 14.9 times estimated earnings, compared with about 17.4 times at the beginning of the year, according to Bloomberg data. The following shares were among the most active in the market.
Commodity suppliers: The Reuters/Jefferies CRB Index, which tracks prices of 19 commodities from copper to corn, rose 0.7% in New York on Sept. 10. Cotton futures in New York rose on Sept. 10 to the highest level since October 1995.
Noble Group (NOBL SP), a Hong Kong-based commodities supplier, climbed 4.1% to $1.77. Olam International (OLAM SP), one of the world’s three biggest suppliers of cotton, jumped 7.2% to $2.99.
Developers: City Developments (CIT SP), Singapore’s second-biggest developer, and Allgreen Properties (AG SP), controlled by Malaysian billionaire Robert Kuok, had their ratings lowered at UBS AG.
City Developments, whose rating was cut to “sell” from “neutral,” lost 0.2% to $11.76. Allgreen Properties, which was cut to “neutral” from “buy,” declined 0.9% to $1.13.
Genting Singapore Plc. (GENS SP), the owner of one of the two casino resorts in the city-state, surged 8.7% to $1.99, a record close. CLSA Asia Pacific Markets raised its share-price forecast to $3 from $2 and maintained its “buy” rating, saying earnings growth will remain strong. Separately, Daiwa Securities Capital Markets initiated coverage of the stock with a “buy” rating and a share-price forecast of $2.06.
Hongkong Land Holdings (HKL SP), one of the biggest business-district landlords in Hong Kong, advanced 6.1% to US$6.10 ($8.16), a record close. UOB-Kay Hian Holdings raised its stock rating to “buy” from “sell,” saying the company will be a major beneficiary of rising office rents in the Chinese city.
Neptune Orient Lines (NOL SP), Southeast Asia’s biggest container carrier, rose 1.5% to $2.03. OCBC Investment Research reiterated its “buy” rating on the stock, saying earnings growth will accelerate in the third quarter as increased freight rates take effect in Trans-Pacific routes.
