Singapore Stocks: China Gaoxian, Gallant, Olam, STX OSV Holdings

Singapore’s Straits Times Index fell 0.1 percent to 3,182.32 at the close. Seven stocks declined for every five that rose in the benchmark equity index of 30 companies.

Shares on the measure trade at an average 15.5 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. Stock symbols are in parentheses after the company name.

China Gaoxian Fibre Fabric Holdings Ltd. (CGXF SP), a maker of polyester yarn and warp-knit fabric, surged 14 percent to 32 Singapore cents. The company said it received approval to list Korean depositary receipts.

Gallant Venture Ltd. (GALV SP), the owner of industrial parks and resorts in Bintan, Indonesia, jumped 15 percent to 41.5 Singapore cents. Kim Eng Holdings Ltd. reiterated its “buy” rating on the stock, saying the company will benefit from increasing tourist arrivals to Bintan.

Hengxin Technology Ltd. (HENG SP), a supplier of coaxial cables used in mobile communications, rose 2.4 percent to 43 Singapore cents. The company said it received an in-principle approval to list on the stock exchange of Hong Kong.

Olam International Ltd. (OLAM SP), a supplier of agricultural commodities, increased 1.3 percent to S$3.14. OCBC Investment Research raised its share-price forecast to S$3.53 from S$3.38 and maintained its “buy” rating.

STX OSV Holdings Ltd. (SOH SP), the world’s biggest maker of oil-rig support vessels by sales, advanced 8.2 percent to S$99.5, its highest close since its trading debut on Nov. 12. The company said it won a contract to build a platform supply vessels for an unidentified customer. Financial details were not disclosed.

To contact the reporter on this story: Jonathan Burgos in Singapore at jburgos4@bloomberg.net.

To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net.

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