Singapore Stocks: Hongkong Land, Keppel Corp., Neptune Orient
Singapore’s Straits Times Index (FSSTI) gained 0.8 percent to 2,711.02 at the close. Six stocks advanced for each that fell in the 30-member gauge.
The following were among the most active shares in the market. Stock symbols are in parentheses after the company names.
Hongkong Land Holdings Ltd. (HKL) , one of the biggest office landlords in the Chinese territory, rose 2.3 percent to $4.83. UBS AG raised its rating to “neutral” from “sell,” citing the stock’s discount to net asset value and dividend yield.
Keppel Corp. (KEP) , a Singapore-based industrial conglomerate that gets about 26 percent of its revenue from utilities, added 0.9 percent to S$9.65. The company said it agreed to buy 49.9 percent of OWEC Tower AS, a Norway-based builder of wind turbine foundations, for 61 million krone ($10.2 million).
Neptune Orient Lines Ltd. (NOL) (NOL SP), Southeast Asia’s biggest container carrier, added 0.9 percent to S$1.19. Deutsche Bank AG maintained its “buy” rating on the stock, citing rising freight rates in the U.S. amid improving retail sales.
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