Singapore Stocks: Genting, Lian Beng, Oversea-Chinese Banking
Singapore’s Straits Times Index gained 2.2 percent to 2,727.14 as of 12:13 p.m. local time, heading for its biggest four-day rally since May 2009. All except two stocks in the index of 30 companies rose.
The following shares were among the most active in the market. Stock symbols are in parentheses after the company names.
Commodity suppliers: The Thomson Reuters/Jefferies CRB Index, which tracks prices of 19 commodities ranging from copper to corn, rose 1.7 percent in New York yesterday.
Noble Group Ltd. (NOBL) , a Hong Kong-based commodities supplier, added 2.5 percent to S$1.435. Olam International Ltd. (OLAM) , a Singapore-based supplier of agricultural commodities, increased 3 percent to S$2.41.
DMX Technologies Group Ltd. (DMX) , the network and computer-services provider partly owned by Japan’s KDDI Corp., jumped 4.4 percent to 24 Singapore cents. DMX said it won contracts to supply two Chinese television stations platforms for interactive advertising services.
Genting Singapore Plc (GENS) , owner of one of two casino resorts in the city, gained 2.9 percent to S$1.61. UBS AG added the stock its list of “most preferred” Asian gaming companies, saying Resorts World Sentosa may have posted strong growth in the three months ended September.
Lian Beng Group Ltd. (LBG) , a construction company, climbed 3 percent to 34.5 Singapore cents. The company said first-quarter net income increased 75 percent from a year earlier to S$19.1 million ($14.9 million).
Oversea-Chinese Banking Corp. (OCBC SP), Singapore’s second-biggest lender by market value, rose 3 percent to S$8.30. OCBC said it agreed to buy SIG Plaza Co., owner of an office building in Shanghai, for 310.7 million yuan ($50 million) and also agreed to repay 591.3 million yuan of loans as part of the purchase. The bank said it plans to use the building as its China headquarters.
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