Singapore's Straits Times Index rose 46.22, or 1.5 percent, to 3,171.09, its highest close since April 7. The benchmark index has risen 14 percent from this year's low of 2,792.75 on March 17.
Bio-Treat Technology Ltd. (BIOT SP), a Chinese-water treatment company, fell for a fourth day, losing 5 Singapore cents, or 13 percent, to a record low of 33.5 cents. The company received notice from Merrill Lynch of its failure to redeem bonds originally valued at S$27.60 million ($20.4 million), it said on April 19. The bank said the bonds are immediately due and payable due to the default, the company added.
City Developments Ltd. (CIT SP), advanced 36 cents, or 3 percent, to S$12.28, its highest since April 7. Singapore's second-largest real estate company is building a 370-room business budget hotel in the city, the Business Times reported, citing the company's Executive Chairman Kwek Leng Beng.
Cosco Corp. (Singapore) Ltd. (COS SP), a unit of China's biggest shipping company, rose 29 cents, or 9.8 percent, to S$3.24, the biggest gain since March 24. It's the best performer on the 30-member Straits Times Index. Higher ship prices mean better earnings at shipyards, analyst Cho In Karp at Good Morning Shinhan Securities Co. in Seoul said.
Creative Technology Ltd. (CREAF SP), which makes accessories for Apple Inc.'s iPod, added 23 cents, or 3.8 percent, to S$6.33, the biggest gain since Feb. 21. The company made $3 million in profit for the fiscal third quarter ended March 31, compared with a loss of $23.6 million a year earlier.
Guocoland Ltd. (GUOL SP), fell 31 cents, or 8.7 percent, to S$3.24, its lowest since March 21 last year. The Singapore property developer controlled by Malaysian billionaire Quek Leng Chan said third-quarter profit slumped 93 percent to S$2.6 million from a year earlier due to higher finance costs and income tax expenses mainly from projects in China.
MobileOne Ltd. (M1 SP), Singapore's smallest mobile-phone operator, dropped 2 cents, or 1 percent, to S$1.91, the lowest since Feb. 13. The company posted a 24 percent drop in first- quarter profit to S$38 million from a year earlier on increased tax charges and declining handset sales. DBS Vickers Securities maintained its ``hold'' recommendation on MobileOne after the earnings announcements and said that mobile number portability could be a ``significant risk'' for the company. Singapore will allow mobile-phone customer to switch providers while keeping their numbers from June 13.
Oil-linked stocks: Keppel Corp. Ltd. (KEP SP), the world's largest maker of rigs, added 40 cents, or 3.5 percent, to S$11.90, its highest since Jan. 15. SembCorp Marine Ltd. (SMM SP), the world's second-biggest oil-rig maker, rose 13 cents, or 3.3 percent, to S$4.12 while parent SembCorp Industries Ltd. (SCI SP), gained 10 cents, or 2.3 percent, to S$4.54.
Crude oil rose above $117 a barrel for the first time in New York after the Organization of Petroleum Exporting Countries said it will maintain production, rejecting calls from the U.K. and Japan to boost output.
Pan-United Corp. Ltd. (PAN SP), a provider of port operation services and supplier of ready-mixed concrete and asphalt premix, rose 2 cents, or 3.2 percent, to 64.5 cents, gaining the most since March 19. Pan-United said it's been awarded a S$23 million ready-mixed concrete supply contract for the downtown line of Singapore's subway.
Singapore Exchange Ltd. (SGX SP), added 38 cents, or 4.8 percent, to S$8.38, its biggest gain since April 3. The company also known as SGX, which runs Singapore's securities and derivatives markets, is pushing for Chinese fund managers to invest in Asian markets such as India through the city-state's bourse, Chief Executive Officer Hsieh Fu Hua said on April 18.
Yanlord Land Group Ltd. (YLLG SP), a builder of luxury homes in China, fell 7 cents, or 3.1 percent, to S$2.22, the worst performer on the Straits Times Index. DBS Vickers Securities cut its recommendation on the stock to a ``hold'' from a ``buy'', reducing its target price to S$2.60 from S$3.90, amid mounting concerns over the outlook of the China property market.
To contact the editor responsible for this story: Nicolas Johnson email@example.com.