July 8 (Bloomberg) -- Singapore’s Straits Times Index gained 0.8 percent to 3,151.28 as of the close. More than four stocks advanced for each that fell in the gauge of 30 companies. The measure is headed for a 0.4 percent increase this week, its third weekly advance.
Shares on the measure trade at an average 14.5 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.
Elec & Eltek International Co. (ELEC SP), a maker of printed circuit boards, rose 2.1 percent to $3.85 as its shares started trading on the Hong Kong exchange today, giving the primary listings in Singapore and Hong Kong.
Oversea-Chinese Banking Corp. (OCBC SP), Singapore’s second-biggest lender by market value, added 0.2 percent to S$9.46. The company said its Australian unit sold A$500 million ($538 million) of senior unsecured notes due in July 2014. The floating-rate notes were priced to yield 83 basis points more than the three-month bank bill swap reference rate, it said.
Portek International Ltd. (PORT SP), a Singapore-based port operator and supplier of container cranes, climbed 5.7 percent to S$1.305, heading for its highest close since it started trading in March 2002. DMG & Partners Securities Pte initiated coverage on the stock with a “buy” rating. A takeover offer by Philippine rival International Container Terminal Services Inc. for S$1.20 a share last month “undervalues” the stock, the brokerage said. DMG estimates fair value for Portek at S$1.56.
UOL Group Ltd. (UOL SP), Singapore’s fifth-largest hotel operator by sales, gained 0.2 percent to S$4.93. India Infoline Ltd. initiated coverage of the stock, with an “add” rating and share-price forecast of S$5.78, saying its hotels are benefiting from increasing tourism in Asia.
Venture Corp. (VMS SP), Singapore’s biggest publicly traded electronics manufacturing services provider, slid 2 percent to S$8.40. DBS Group Holdings Ltd. lowered its rating on the stock to “hold” from “buy,” saying second-quarter earnings will be weak. The brokerage cut its share-price forecast to S$8.10 from S$11.
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