Singapore’s Straits Times Index gained 0.7 percent to 3,066.85 at the close. Five stocks rose for each that fell in benchmark index of 30 companies. The gauge advanced 2.1 percent this week.
Shares on the measure trade at an average 14.1 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.
Airlines: Singapore Airlines Ltd. (SIA SP), the world’s second-biggest carrier by market value rose 2.3 percent to S$14.24. Tiger Airways Holdings Ltd. (TGR SP), the budget carrier partly owned by Singapore Air, added 1.7 percent to S$1.21.
The International Energy Agency agreed to release 60 million barrels of oil from its strategic stockpile, sending crude oil futures tumbling 4.6 percent in New York yesterday. Regional airlines should rally on this news as this will help reduce operating costs, K. Ajith, an analyst at UOB-Kay Hian Holdings Ltd. in Singapore, wrote in a note to clients today.
CapitaLand Ltd. (CAPL SP), Southeast Asia’s biggest developer by market value, increased 3.6 percent to S$2.92. The company said it hired dealmaker Arthur Lang from Morgan Stanley to be group chief financial officer as it pursues investments in the region. He will take over from Olivier Lim, who becomes the head of strategic corporate development at the Singapore-based company.
Keppel Telecommunications & Transportation Ltd. (KPTT SP), the provider of logistics services and operator of data centers, surged 10 percent to S$1.32. DBS Group Holdings Ltd. initiated coverage of the stock with a “buy” rating and a share-price forecast of S$1.65, saying the company is benefiting from growing demand for computer server hubs and logistics facilities.
Raffles Education Corp. (RLS SP), operator of fashion-design schools in Singapore, China and India, jumped 6.5 percent to 49 Singapore cents. The company said it agreed to sell its 50 percent stake in Value Vantage Pte., a provider of training services in China, for S$46 million ($37 million).