Singapore’s Straits Times Index gained 0.8% to 2,862.29 at the close. Four stocks advanced for each that fell on the 30-member gauge.
Shares on the measure trade at 14.9 times estimated earnings, compared with about 17.5 times at the start of 2010, according to data compiled by Bloomberg. The following shares were among the most active in the market.
Palm oil suppliers: Golden Agri-Resources (GGR SP), the world’s second-biggest palm oil supplier, and Indofood Agri Resources (IFAR SP), the palm oil unit of Indonesia’s biggest noodle maker climbed more than 6% after UBS AG recommended investors “buy” their shares.
Golden Agri advanced 6.3% to 59.5 cents, the biggest advance on the benchmark index. The stock was raised from “neutral” at UBS. Indofood Agri, which is not on the benchmark index, increased 6.9% to $2.32. The stock was upgraded from “sell’ at UBS.
Lian Beng Group (LBG SP), a construction company, increased 5.4% to 29.5 cents. The company said it won a $144 million contract to build a residential condominium in the city.
Osim International (OSIM SP), Asia’s biggest maker of massage chairs outside of Japan, rose 1.2% to 83 cents, adding to yesterday’s 5.1% advance. The company will add as many as 80 stores annually in China in the next three-to-five years to tap growing demand in the world’s most population country, founder and chief executive officer Ron Sim told Bloomberg Television yesterday.
“With a growing Chinese consumer market, Osim’s plans to expand in China are likely to contribute to growth going forward,” DMG & Partners Securities Pte said in a note to clients today.
Overseas Union Enterprise (OUE SP), a Singapore-based hotel operator, dropped 1.5% to $11.80, retreating from its biggest advance in five months yesterday. The stock surged 33% yesterday as Lippo Group doubled its stake in the company, in a deal valuing the additional stock at $957 million. Lippo paid $11 per share for the stake.
Tiger Airways Holdings (TGR SP), the budget carrier partly owned by Singapore Airlines (SIA SP), advanced 4.9% to $1.70, its highest close since it started trading on Jan. 22. DBS Group Holdings initiated coverage of the stock with a “buy” rating and 12-month share price forecast of $2.10. Singapore Air, the world’s second-biggest airline by market value, climbed 3.5% to $15.94.
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