Singapore’s Straits Times Index climbed 0.5% to 3,209.32 as of the 12:30 p.m. trading break, heading for its highest close since May 16, 2008. Three stocks rose for each that fell in the benchmark equity index of 30 companies.

Shares on the measure trade at an average 15.7 times estimated earnings, compared with about 17.4 times at the beginning of the year, according to data compiled by Bloomberg. The following shares were among the most active in the market.

 

Palm-oil suppliers: Crude palm oil for January delivery gained as much as 0.5% in Kuala Lumpur today, extending its advance for a second day.

 

First Resources (FR SP), an Indonesian palm-oil producer, climbed 1.6% to $1.31. Golden Agri-Resources (GGR SP), the world’s second-biggest palm-oil producer, rose 0.7% 68.5 cents. Wilmar International (WIL SP), the world’s largest palm-oil trader, gained 1.7% to $6.57.

 

China Aviation Oil (Singapore) Corp. (CAO SP), China’s biggest supplier of jet fuel, climbed 1.3% to $1.57. The company said the Singapore government has granted it a lower concessionary tax rate of 5% for five years from August this year.

 

Cosco Corp. Singapore (COS SP), a China-based shipbuilder that also operates bulk carriers, gained 0.5% to $1.89. The company said it won contracts valued at US$87 million ($112.2 million) to build three bulk carriers for an unnamed shipping company in Asia.

 

Oversea-Chinese Banking Corp. (OCBC SP), the lender that owns Singapore’s biggest life insurer, increased 1.1% to $9.32. CIMB Group Holdings raised its share-price forecast to $11.04 from $10.08, while Credit Suisse Group AG increased its share-price estimate to $11.60 from $10.80. Both brokerages maintained their “outperform” rating.

 

Overseas Union Enterprise (OUE SP), a Singapore-based hotel operator, gained 0.6% to US$3.37. UBS AG initiated coverage of the stock with a “buy” rating and share-price forecast of $4.28.