Singapore Stocks: Courage Marine, Keppel Corp., Sembcorp Marine
Singapore’s Straits Times Index gained 0.3 percent to 3,249.58 at the close. Three stocks advanced for each that fell in the benchmark equity index of 30 companies.
Shares on the measure trade at an average 14.8 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. Stock symbols are in parentheses after the company name.
Oil-rig builders: JPMorgan Chase & Co. maintained its “overweight” rating on the world’s biggest oil-rig builders and increased its share-price forecasts, saying it expects the companies to secure more orders. Keppel Corp. (KEP SP) gained 0.7 percent S$11.54 after the brokerage raised its share-price estimate to S$14.10 from S$11.40.
Sembcorp Marine Ltd. (SMM SP), whose share-price estimate was raised to S$6.40 from S$5.30, climbed 2.7 percent to S$5.28. The company said it won four contracts, valued at S$215 million ($167.5 million).
Courage Marine Group Ltd. (CMG SP), a shipping company, surged 13 percent to 21.5 Singapore cents. The company said it’s seeking dual listing on the main board of the Stock Exchange of Hong Kong.
Singapore Exchange Ltd. (SGX SP), operator of the securities and derivatives exchange in the city, increased 0.8 percent to S$8.50. The company decided to scrap its midday trading break from March 1 after bigger rivals Hong Kong and Japan moved to reduce lunch breaks. The company said fiscal second-quarter profit rose 3.3 percent to S$74.2 million ($57.6 million) from a year earlier.
Stats Chippac Ltd. (STAT SP), a Singapore-based provider of semiconductor testing and assembly services, gained 0.6 percent to 89 Singapore cents. The company said it has expanded its wafer level packaging services with the opening of a new 300- millimeter manufacturing facility in Taiwan.
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