Singapore Stocks: Cosco, Golden Agri, Osim, United Engineers
Singapore’s Straits Times Index gained 0.5 percent to 3,197.96 at the close, its highest since Nov. 18. Almost three stocks rose for each that fell in the benchmark equity index of 30 companies.
Shares on the measure trade at an average 15.6 times estimated earnings, compared with about 17.4 times at the beginning of the year, 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.
Palm-oil suppliers: Crude palm-oil futures for February delivery advanced to a 28-month high in Kuala Lumpur today on speculation global demand for vegetable oils will increase.
Golden Agri-Resources Ltd. (GGR SP), the world’s second- biggest palm-oil producer, climbed 1.4 percent to 75 Singapore cents. Indofood Agri Resources Ltd. (IFAR SP), the palm-oil unit of Indonesia’s biggest noodle maker, surged 4.4 percent to S$2.85.
Boustead Singapore Ltd. (BOCS SP), a provider of engineering services, dropped 3.6 percent to S$1.08. DBS Group Holdings Ltd. cut its recommendation to “hold” from “buy.” The brokerage also lowered its share-price forecast to S$1 from S$1.10.
Capitaland Ltd. (CAPL SP), Southeast Asia’s biggest developer, gained 0.8 percent to S$3.69. The company plans to introduce an average of 3,000 residential units in China annually as part of its growth strategy in the country, the Singapore-based company said in investor briefing materials filed to the Singapore stock exchange. It said it also plans to expand the number of its serviced residences in the country to 12,000 units by 2015 from 6,246 currently.
Cosco Corp. Singapore Ltd. (COS SP), a China-based shipbuilder, increased 1.5 percent to S$2.09. The company won contracts valued at more than $110 million to build three bulk carriers. Deliveries are scheduled for September 2012 and January 2013, it said.
Noble Group Ltd. (NOBL SP), a Hong Kong-based supplier of commodities, rose 0.5 percent to S$2.09. The company said it received $2.54 billion of revolving loan facilities from creditors.
Osim International Ltd. (OSIM SP), Asia’s biggest maker of massage chairs outside of Japan, surged 4.8 percent to S$1.54. The company said it is seeking to list Taiwan depositary receipts.
United Engineers Ltd. (UEM SP), an engineering company and property developer, advanced 2.7 percent to S$2.67. The company said it plans to raise S$72.3 million ($55.2 million) selling shares in its engineering and construction business, which will be listed separately on the Singapore stock exchange.
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