Singapore’s Straits Times Index gained 0.8 percent to 2,789.04 at the close, sliding 1.3 percent for the week. Twice as many stocks rose as declined in the index of 30 companies.
The following shares were among the most active in the market. Stock symbols are in parentheses after the company name.
Ezra Holdings Ltd. (EZRA SP), an offshore support and marine services company, increased 0.5 percent to 93 Singapore cents. The company said no decision has been made on a proposed bond sale. Ezra was responding to a media report that the company had “canned its proposed issue of perpetual bonds.”
Hongkong Land Holdings Ltd. (HKL SP), a commercial properties developer that receives almost 70 percent of its revenue from Hong Kong, jumped 4.1 percent to HK$5.10, the largest increase since Aug. 31. Hong Kong’s Sun Hung Kai Properties Ltd., the world’s biggest developer by market value, said yesterday full-year underlying profit rose 55 percent. The results should help to rebut the market’s overly bearish property outlook, Paul Louie, an analyst at Nomura Holdings Inc., wrote in a note dated today.
Golden-Agri Resources Ltd. (GGR SP), a palm-oil producer, advanced 3 percent to 68.5 Singapore cents, the highest level since Aug. 4. A unit of the company said Nestle SA will resume buying its palm oil.
Separately, palm oil may rally next year as demand for biofuels cuts soybean oil supply and a potential reversal in monetary policy in China and India boosts demand, said Dorab Mistry, director of Godrej International Ltd.
PEC Ltd. (PEC SP), an engineering services provider to oil and gas industries, gained 1.3 percent to 79.5 Singapore cents. The company said it has won a five-year maintenance and repair services contract.