Singapore Stocks: Genting, Noble Group, Sembcorp Industries
Singapore’s Straits Times Index gained 1.4 percent to 2,848.24 at the close, paring this week’s losses to 2 percent. Four 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 names.
Commodity suppliers: The Thomson Reuters/Jefferies CRB Index, which tracks prices of 19 commodities ranging from copper to corn, rose 1.3 percent in New York yesterday, extending gains for a second day.
Noble Group Ltd. (NOBL) , a Hong Kong-based commodities supplier, gained 2.3 percent to S$1.565. Olam International Ltd. (OLAM) , a Singapore-based trader of agricultural commodities, advanced 1.6 percent to S$2.52.
Genting Singapore Plc (GENS) , the owner of one of two casino resorts in the city-state, increased 1.8 percent to S$1.725. The Royal Bank of Scotland Plc maintained its “buy” rating on the stock, saying the company’s third-quarter earnings will benefit from Singapore’s “robust” gaming market. Genting will announce results on Nov. 10.
Perennial China Retail Trust (PCRT SP), the owner of shopping malls in China, added 2.2 percent to 46 Singapore cents. The company said it plans to buy a 50 percent stake in the Chengdu Longement Mall, a project in Chengdu in China’s Sichuan province, for S$455 million ($359 million).
Sembcorp Industries Ltd. (SCI) , an industrial group that gets more than half of revenue from utilities, rose 1 percent to S$4.19. The company said it expects better performance from its electricity generation business, while its marine engineering unit will benefit from its current order book of S$5.2 billion. The company said third-quarter net income slid 8.9 percent from a year earlier.
To contact the reporter on this story: Jonathan Burgos in Singapore at email@example.com.