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Singapore Stocks: Chip Eng Seng, Mencast, Neptune Orient Lines

May 19 (Bloomberg) -- Singapore’s Straits Times Index increased 1 percent to 3,172.56 at the close. All but five stocks on the benchmark index of 30 companies advanced.

Shares on the measure trade at an average 14.6 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.

Chip Eng Seng Corp. (CHIP SP), a real-estate and construction company, gained 1.1 percent to 47 Singapore cents. The company said a unit won a S$74 million contract ($59.7 million) to build a residential condominium in the eastern Singapore town of Pasir Ris.

Jasper Investments Ltd. (JASP SP), a provider of oil and gas drilling services, jumped 6.3 percent to 8.5 Singapore cents. The company said it completed its drilling contract with Norway’s AGR Peak Well Management Ltd. The $15 million contract was first announced on April 8.

Mencast Holdings Ltd. (MCAST SP), the maker of stern gear used in the shipping industry, advanced 1.1 percent to 44.5 Singapore cents. The company said it agreed to buy Top Great Engineering & Marine Pte, a provider of engineering services for industrial plants, for S$24 million in cash and stock.

Neptune Orient Lines Ltd. (NOL SP), Southeast Asia’s biggest shipping line, added 1.1 percent to S$1.86. The company said it will operate a two-berth terminal together with SITC International Holdings Co. at the port of Qingdao, China. The company said its contribution into the venture is about $25.8 million.

Ramba Energy Ltd. (RMBA SP), an oil and gas producer, climbed 1.6 percent to 62.5 Singapore cents. The company said Verona Capital Pty Ltd., a private venture capital firm based in Perth, Australia, agreed to invest $8.1 million in Ramba Energy’s West Jambi oil and gas exploration project in West Kalimantan, Indonesia.

STX Pan Ocean Co. (STX SP), South Korea’s biggest bulk carrier, dropped 3.4 percent to S$9.53. The Baltic Dry Index, a measure of commodity-shipping costs, fell 0.2 percent in London yesterday, extending its decline to a seventh day.

To contact the reporter on this story: Jonathan Burgos in Singapore at

To contact the editor responsible for this story: Nick Gentle at

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