Singapore’s Straits Times Index gained 1.1 percent to 2,719.83, the highest close since Dec. 8. Eight shares rose for each that fell in the 30-member gauge.
Singapore’s stock-market valuations are “pretty cheap,” said Garry Evans, head of global equity strategy at HSBC Holdings Plc, at a briefing in Singapore. Shares on the benchmark Straits Times Index are trading at 1.2 times estimated book value, compared with 1.5 times for the MSCI Asia Pacific Excluding Japan Index.
The following were among the most active shares in the market. Stock symbols are in parentheses after the company names.
Ezra Holdings Ltd. (EZRA SP), a provider of offshore logistics services for the oil and gas industry, climbed 5.6 percent to 94 Singapore cents. The company said its EMAS AMC subsea construction unit won two contracts, valued at as much as 600 million Norwegian Krone ($100 million), from Statoil ASA.
Keppel Corp. (KEP SP), the world’s biggest builder of oil rigs, gained 4.1 percent to S$9.94 after saying its Keppel AmFELS Inc. unit won a $150 million contract from Diamond Offshore Drilling Inc.
KSH Holdings Ltd. (KSHH SP) advanced 4.9 percent to 21.5 Singapore cents after the construction company said it was contracted to a S$110 million ($85 million) condominium project in the eastern Singapore town of Pasir Ris.
Thai Beverage Pcl (THBEV SP), Thailand’s largest beer and whiskey maker, added 4 percent to 26 Singapore cents. The stock rose after Maxtop Management Corp., a company owned by Thai Beverage controlling shareholder Charoen Sirivadhanabhakdi, bought two million of the brewer’s shares at 25.392 Singapore cents each, raising its stake to 17.17 percent.