Singapore’s Straits Times Index added 0.8% to 2,753.11 as of the 12:30 p.m. trading break. Four stocks gained for each that fell on the 30-member gauge. Shares on the measure trade at 16.9 times estimated earnings, compared with about 10 times at the start of the year, according to data compiled by Bloomberg. The following shares were among the most active in the market.
Banks: The Monetary Authority of Singapore said it does not expect developments in Dubai to adversely affect the island nation’s financial stability because lending by local banks to the United Arab Emirates is less than one% of total assets. The announcement last week that Dubai World was struggling with $59 billion in liabilities hit stock markets around the world. The company said yesterday it is in talks with banks to restructure US$26 billion ($36 million) of debt.
