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Singapore Stocks: City Developments, Ezion, Gallant Venture

April 6 (Bloomberg) -- Singapore’s Straits Times Index gained 0.8 percent to 3,170.33 at the close, its highest level since Feb. 8. Seven stocks rose and for each that fell in the benchmark index of 30 companies.

Shares on the measure trade at an average 14.4 times estimated earnings, compared with about 15.6 times at the end of 2010, 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.

City Developments Ltd. (CIT SP), Singapore’s second-biggest developer, gained 1.2 percent to S$11.74. The company said it and partners paid the government S$413.3 million ($328 million) for a property in Bartley Road in northeastern Singapore. A residential condominium will be built on the site, it said.

Ezion Holdings Ltd. (EZI SP), a provider of marine logistics and support services, rose 2.2 percent to 70.5 Singapore cents. The company said its newly-formed joint venture with Australia’s Buccaneer Energy Ltd. won a $109.5 million contract to provide a jack-up rig in Alaska.

Gallant Venture Ltd. (GALV SP), the owner of industrial parks and resorts in Bintan, Indonesia, surged 18 percent to 50 Singapore cents, prompting the Singapore Exchange to ask the company to explain the reason for the jump in its share price. The company said it was not aware of any specific reason, except that DBS Group Holdings Ltd. recommended its stock as a “buy.”

“We believe the development of Lagoi Bay as an integrated resort will spur much investor interest and land sales in the future,” Derek Tan, an analyst at DBS, wrote in a note to clients today. The brokerage had a share-price forecast of 88 Singapore cents for Gallant.

Hiap Seng Engineering Ltd. (HSE SP), the provider of engineering services in the oil and gas industry, jumped 6.9 percent to 54.5 Singapore cents. The company said it received an $8.4 million refinery maintenance contract in Vietnam.

OKP Holdings Ltd. (OKP SP), the road builder, climbed 4.8 percent to 65 Singapore cents after the company said it won a S$61.7 million from the Singapore government.

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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