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Singapore Stocks: Cosco Corp., Genting, Singapore Exchange

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May 9 (Bloomberg) -- Singapore’s Straits Times Index advanced 1.2 percent to 3,136.94 at the close, rebounding from the worst weekly decline in almost two months, as the nation’s ruling party retained power after facing its biggest electoral battle. Almost six stocks rose for each that fell in the benchmark index of 30 companies.

Shares on the measure trade at an average 14.3 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.

Cosco Corp. Singapore Ltd. (COS SP), a shipbuilding unit of China’s biggest shipping company, slipped 1.4 percent to S$2.16. The company said its first-quarter net income increased 17 percent from a year earlier to S$37.1 million ($30 million). That missed the average estimate of S$69.8 million by three analysts compiled by Bloomberg News.

Genting Singapore Plc (GENS SP), operator of one of two casino resorts in the city-state, jumped 3.3 percent to S$2.17. The company said it agreed to sell its entire 11 percent stake in Rank Group Plc, the operator of Bingo clubs and Grosvenor casinos, at 150 pence a share. The sale, which could raise about 64.6 million pounds ($105.7 million), will be completed on May 11.

Olam International Ltd. (OLAM SP), a Singapore-based supplier of agricultural commodities, climbed 2.9 percent to S$2.85. The company said it will invest between A$50 million ($54 million) and A$55 million to set up an almond-processing facility in Victoria, Australia. The plant will handle up to 40,000 metric tons of almond kernels, it said.

Singapore Exchange Ltd. (SGX SP), the Singapore bourse operator, rose 1.5 percent to S$7.58 after saying it will include rubber futures trading in its derivatives market from May 16.

Wilmar International Ltd. (WIL SP), the world’s largest palm-oil trader, rose 0.6 percent to S$5.15. The company said it signed an agreement with New Britain Palm Oil Ltd. to supply palm oil from Wilmar’s refinery in Germany throughout Europe.

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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