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Singapore Stocks: Addvalue, Cosco Corp., Olam, Singapore Air

May 26 (Bloomberg) -- Singapore’s Straits Times Index gained 0.2 percent to 3,123.70 at the close of trading, erasing earlier losses of as much as 0.2 percent. Almost two stocks rose and 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.

Commodity suppliers: Noble Group Ltd. (NOBL SP), Hong Kong-based supplier of energy, food and mining commodities, increased 0.5 percent to S$2.03. Olam International Ltd. (OLAM SP), a Singapore-based supplier of agricultural commodities, jumped 2.5 percent to S$2.90.

The Thomson Reuters/Jefferies CRB Index, which tracks prices of 19 commodities from copper to corn, advanced 1.6 percent in New York yesterday, extending gains for a second day.

Addvalue Technologies Ltd. (ADDV SP), the supplier of wireless and broadband telecommunications equipment, surged 13 percent to 4.5 Singapore cents. The company said it raised S$3.4 million ($2.7 million), selling 86 million new shares at 4 Singapore cents to new investors.

Cosco Corp. Singapore Ltd. (COS SP), a shipbuilding unit of China’s biggest shipping company, climbed 2.6 percent to S$2. The company said a unit won a contract, valued at $356 million, to build to jack-up drilling rigs for KS Energy Ltd. (KST SP), a maker of drilling equipment for oil explorers. KS Energy added 0.5 percent to 96 Singapore cents.

Hiap Seng Engineering Ltd. (HSE SP), the provider of engineering services in the oil and gas industry, sank 4.1 percent to 47 Singapore cents. The company was cut to “underperform” from “trading buy” at CIMB-GK Securities Pte.

Singapore Airlines Ltd. (SIA SP), the world’s second-biggest carrier by market value, lost 0.6 percent to S$14.12. The company said it will form a low-cost, long-haul carrier amid competition from Jetstar and AirAsia X Sdn for budget intercontinental travelers.

TMC Education Corp. (TMCH SP), an operator of business management and information technology schools, slipped 5.9 percent to 8 Singapore cents. The company said it expects to report a loss before tax for the year ending June 30 due to dwindling student numbers.

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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