Singapore Stocks: Biosensors, GMG Global, SingTel, Wilmar
Singapore’s Straits Times Index (FSSTI) gained 0.1 percent to 3,097.47 as of the 12:30 p.m. trading break, trimming losses for the quarter to 2.9 percent. Three stocks rose for every two that fell in the benchmark index of 30 companies.
Shares on the measure trade at an average 14.3 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.
Rubber producers: Rubber futures for September delivery slid 1.6 percent on the Tokyo Commodity Exchange.
GMG Global Ltd. (GGL) , the owner of rubber plantations in West Africa, fell 1.8 percent to 28 Singapore cents. Sri Trang Agro-Industry Pcl (STA) , Thailand’s biggest publicly traded rubber producer, lost 0.9 percent to S$1.14.
Biosensors International Group Ltd. (BIG) , a maker of drug-coated stents used to treat blocked arteries, increased 1.7 percent to S$1.17. DBS Group Holdings Ltd. raised its rating on the stock to “buy” from “hold” and lifted its share-price forecast to S$1.35 from S$1.13.
Singapore Telecommunications Ltd. (ST) , Southeast Asia’s biggest phone company, gained 0.7 percent to S$3.01. Its associate Globe Telecommunications Inc. (GLO PM) surged 5.8 percent to 891 pesos on speculation it will benefit from reduced competition in the Philippines after Philippine Long Distance Telephone Co. (TEL PM) offered to buy rival Digital Telecommunications Philippines Ltd.
Wilmar International Ltd. (WIL) , the world’s largest palm-oil trader, gained 0.2 percent to S$5.44. The company said it has completed the acquisition of a 78 percent stake in Ghana’s Benso Oil Palm Plantation Ltd. for about $14.9 million.
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