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Singapore’s Straits Times Index gained 0.8% to 3,279.70, its highest close since Nov. 11. Two stocks advanced for each that fell in the benchmark equity index of 30 companies.
Shares on the measure trade at an average 15 times estimated earnings, compared with about 15.6 times at the end of 2010, 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 15 times estimated earnings, compared with about 15.6 times at the end of 2010, according to data compiled by Bloomberg. The following shares were among the most active in the market.
Brokerages: Singapore brokerages rallied after Malayan Banking (MAY MK), Malaysia’s biggest lender by assets, offered to buy Kim Eng Holdings at $3.10 per share in a deal valued at $1.79 billion. Kim Eng, which gained 2.7% to $2.70 yesterday, was suspended from trading today.
UOB-Kay Hian Holdings (UOBK SP), a securities company partly owned by Singapore’s United Overseas Bank, climbed 8.2% to $1.99. G.K. Goh Holdings (GKG SP), a futures and foreign exchange brokerage that sold its securities business to Malaysia’s CIMB Group Holdings Bhd. in 2005, surged 17% to 76 cents.
