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Singapore Stocks: Global Logistics, Golden Agri-Resources, Mewah

Nov. 24 (Bloomberg) -- Singapore’s Straits Times Index rose 0.3 percent to 3,137.01 at the close. Three stocks advanced for every two that fell in the benchmark equity index of 30 companies.

Shares on the measure trade at an average 15.3 times estimated earnings, compared with about 17.4 times at the beginning of the year, according to data compiled by Bloomberg.

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

Palm-oil producers: Crude palm oil for February delivery advanced for the first time in three days in Kuala Lumpur today.

First Resources Ltd. (FR SP), an Indonesian palm-oil producer, gained 3 percent to S$1.38. Golden Agri-Resources Ltd. (GGR SP), the world’s second-biggest palm-oil producer, gained 3.7 percent to 71 Singapore cents. Indofood Agri Resources Ltd. (IFAR SP), the palm-oil unit of Indonesia’s biggest noodle maker, climbed 4.7 percent to S$2.65.

China Minzhong Food Corp. (MINZ SP), a vegetable supplier, rose 2.4 percent to S$1.30. Macquarie Group Ltd. initiated coverage of the stock with an “outperform” rating and share-price estimate of S$1.80.

Global Logistic Properties Ltd. (GLP SP), a logistics company whose customers include Wal-Mart China, Deutsche Post AG’s DHL and FedEx Corp., gained 0.9 percent to S$2.20. DBS Group Holdings Ltd. initiated coverage of the stock with a “buy” rating and share-price forecast of S$2.76.

Mewah International Inc. (MII SP), a producer of vegetable oils, slumped 10 percent to 99 Singapore cents in its trading debut. The company offered 251.7 million shares at S$1.10 each in its initial share sale. The sale was about 1.9 times subscribed by investors.

LMA International NV (LMA SP), a medical-equipment maker, surged 14 percent to 32 Singapore cents. The company said it plans to buy back as much as 10 percent of its shares at 36 Singapore cents each. The share purchase will be done off-market, it said.

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

To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net.

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