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Singapore Stocks: Nam Cheong, Neptune Orient, ST Engineering

April 10 (Bloomberg) -- Singapore’s Straits Times Index added 0.8 percent to 2,982.44 at the close. Five shares rose for each that fell on the 30-member gauge.

The following were among the most active shares in the market. Stock symbols are in parentheses after company names.

Global Logistic Properties Ltd. (GLP SP) gained 0.5 percent to S$2.12 after the owner of warehouses in China and Japan said it signed leases for 68,600 square meters of space in Shanghai and Ningbo, highlighting strong storage demand from customers in the world’s second-largest economy.

Nam Cheong Ltd. (NCL SP) climbed 4.8 percent to 19.5 Singapore cents. AmFraser Securities Pte. initiated coverage of the shipbuilder with a buy rating and a target price of 28 Singapore cents. Kuala Lumpur-based Nam Cheong will benefit from Petroliam Nasional Bhd’s increased capital expenditure as Malaysia seeks to boost oil production, analyst Lee Yue Jer wrote in a note to clients.

Neptune Orient Lines Ltd. (NOL SP), Southeast Asia’s biggest container carrier, rose 1.1 percent to S$1.41. Shipping lines will raise rates for moving 40-foot cargo boxes by $50 on routes between the U.S. and Asia effective May 15, according to a statement from the Westbound Transpacific Stabilization Agreement.

Singapore Technologies Engineering Ltd. (STE SP), Asia’s largest aircraft maintenance company, advanced 1.9 percent to S$3.15 after its ST Marine unit won a 534.8 million euro ($702 million) contract to build four patrol boats for the Royal Navy of Oman.

To contact the reporter on this story: Jonathan Burgos in Singapore at jburgos4@bloomberg.net

To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net

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