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Singapore Stocks: CapitaLand, Jardine Matheson, Tiger

(Corrects SMRT Corp.’s company description.)

Aug. 2 (Bloomberg) -- Singapore’s Straits Times Index climbed 1.3 percent to 3,025.04 at the close, its highest since June 18, 2008. Almost six stocks rose for each one that fell on the 30-member gauge.

Shares on the measure trade at 14.7 times estimated earnings, compared with about 17.5 times at the beginning of the year, according to Bloomberg data.

The following shares were among the most active in the market. Stock symbols are in parentheses after company names.

Developers: City Developments Ltd. (CIT SP), Singapore’s second-biggest homebuilder, advanced 4.6 percent to S$12.66, leading developers higher on speculation a slump in interbank borrowing costs will boost demand for homes. CapitaLand Ltd. (CAPL SP), Southeast Asia’s biggest developer, gained 2.3 percent to S$4.05. Keppel Land Ltd. (KPLD SP), the property unit of Keppel Corp., rose 2 percent to S$4.12.

“We expect a slight appreciation in prices for mass housing,” Kim Eng Securities analyst Wilson Liew said in a telephone interview. “The cost of borrowing is very attractive for home buyers.”

Jardine Matheson Holdings Ltd. (JM SP), which owns real estate, supermarkets and drugstores in Asia and run hotels worldwide, surged 5.1 percent to $41.60, the biggest advance on the benchmark index. The company said first-half net income quadrupled to $1.05 billion on a higher contribution from its property unit.

Jardine Strategic Holdings Ltd. (JS SP), the owner of half of Jardine Matheson, increased 3.5 percent to $24.30. The company said underlying earnings in the first half rose 66 percent to $698 million from a year earlier.

SMRT Corp. (MRT SP), Singapore’s biggest train operator, slumped 5.4 percent to S$2.10, the biggest decline on the Straits Times index. The stock was downgraded at brokerages including Deutsche Bank AG after first-quarter profit missed some analysts’ estimates.

Stats Chippac Ltd. (STAT SP) gained 1.7 percent to S$1.17. The provider of semiconductor test and assembly services plans to sell $600 million of 5-year senior notes to fund a tender offer, according to a person familiar with the transaction. The company said it has commenced a cash offer for its 6.75 percent notes due 2011.

Tiger Airways Holdings Ltd. (TGR SP), the budget carrier partly owned by Singapore Airlines Ltd. (SIA SP), climbed 5.4 percent to S$2.16. The company said it will ally with Thai Airways International Pcl (THAI TB) to form a new low-fare carrier amid rising demand for leisure travel in Asia.

To contact the reporter on this story: Jonathan Burgos in Singapore at jburgos4@bloomberg.net.

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net.

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