Singapore’s Straits Times Index gained 1 percent to 3,126.53 at the close, the biggest advance this month. Six stocks rose for each that fell in the gauge of 30 companies.
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.
Anwell Technologies Ltd. (ANW SP), a Hong Kong-based maker of solar modules, surged 14 percent to 36.5 Singapore cents. The company said its Sungen International Ltd. unit won a contract valued at $20 million to supply equipment to a solar farm in India.
Genting Singapore Plc (GENS SP), operator of one of two casino resorts in the city-state, dropped 2.7 percent to S$1.78. Deutsche Bank AG cut its rating on the stock to “hold” from “buy.” Gaming revenue in the second quarter may soften compared to the previous quarter because rival Marina Bay Sands may have gained market share, Deutsche Bank said. The brokerage lowered its share-price forecast to S$1.90 from S$2.43.
Mapletree Industrial Trust (MINT SP), the industrial landlord controlled by Temasek Holdings Pte, gained 1.3 percent to S$1.155. UBS AG initiated coverage of the stock with a “buy” rating and a share price forecast of S$1.36, saying the stock provides investors a good exposure to industrial properties where rents are increasing.
PEC Ltd. (PEC SP), a provider of engineering services to the oil and gas and pharmaceutical industries, jumped 4.1 to S$1.01, the biggest rally since March 3. AmFraser Securities Pte initiated coverage of the stocks with a “buy” rating and a share-price forecast of S$1.40, citing the company’s increasing order book.