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Singapore’s Straits Times Index rose 1.9% to 3,300.40 at the close, its highest since Jan. 10, 2008. Six stocks advanced for each that fell in the benchmark equity index of 30 companies.
Shares on the measure trade at an average 16 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.
Shares on the measure trade at an average 16 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 producers: Crude palm oil for January delivery gained as much as 4.9% in Kuala Lumpur today.
Golden Agri-Resources (GGR SP), the world’s second- biggest palm-oil producer, surged 11% to 78 cents, set for its highest close since July 1, 2008. Indofood Agri Resources (IFAR SP), the palm-oil unit of Indonesia’s largest maker of noodles, jumped 5.1% to $2.87. First Resources (FR SP), an Indonesian palm-oil producer, climbed 4.4% to $1.43.
CapitaMalls Asia (CMA SP), the owner of shopping malls in Singapore, Japan, China, India and Malaysia, gained 0.9% to $2.14. The company said it plans to invest 3.86 billion yuan ($743.1 million) in a retail and office complex in Shanghai.
Hyflux (HYF SP), Singapore’s biggest provider of water-treatment services, surged jumped 5% to $3.34. The company said third-quarter profit rose 5% to $19 million from a year earlier. Separately, it will give shareholders one bonus share for every two shares held.
Oversea-Chinese Banking Corp. (OCBC SP), the lender that owns Singapore’s biggest life insurer, increased 4.7% to $9.85. Citigroup Inc. raised its recommendation to the stock to “buy” from “sell” and increased its share-price forecast to $10.51 from $9.10.
SembCorp Marine (SMM SP), the world’s second-largest maker of oil rigs, climbed 4% to $4.93. The company said third-quarter net income more than doubled from a year earlier to $296 million. That beat the average estimate of $199.8 million by four analysts surveyed by Bloomberg.
Singapore Telecommunications (ST SP), Southeast Asia’s biggest phone company rose 2.2% to $3.28. Goldman Sachs Group Inc. raised its rating to “buy” from “neutral” and lifted its share-price forecast to $3.47 from $3.10.
