Singapore’s Straits Times Index gained 0.5 percent to 2,847.13 as of 12:05 p.m. local time. Almost eight stocks rose for each that fell in the index of 30 companies.
The following shares were among the most active in the market. Stock symbols are in parentheses after the company name.
Developers: The Royal Bank of Scotland Plc upgraded Singapore’s real-estate companies to “overweight” from “neutral,” saying stock trading at a discount to net asset values is not justified as home sales remain robust and office rents are rising.
Keppel Land Ltd. (KPLD) , the real-estate unit of Keppel Corp. (KEP SP), added 0.9 percent to S$3.25. UOL Group Ltd. (UOL SP), a homebuilder and hotel operator, gained 1.3 percent to S$4.68. Wing Tai Holdings Ltd. (WINGT SP), a developer of high- end properties, increased 1.9 percent to S$1.335.
CapitaLand Ltd. (CAPL) , Southeast Asia’s biggest developer, climbed 2.8 percent to S$2.59. The company said its Chinese subsidiary bought a residential site in Hangzhou, in eastern China, for 1.1 billion yuan ($174 million). CapitaLand plans to build about 700 housing units on the property.
Sheng Siong Group Ltd. (SSG SP), a grocery-chain operator, rose 3 percent to 34 Singapore cents on its trading debut. The company sold 351.5 million shares at 33 Singapore cents apiece in its initial share sale, raising S$116 million.
Venture Corp. (VMS SP), Singapore’s biggest publicly traded electronics manufacturing services provider, added 1.1 percent to S$7.32 after appointing Tan Kian Seng as president.
To contact the reporter on this story: Jonathan Burgos in Singapore at firstname.lastname@example.org.
To contact the editor responsible for this story: Nick Gentle at email@example.com.