Singapore Stocks: Keppel Corp., Global Logistics, Total Access
Singapore’s Straits Times Index gained 0.2 percent to 3,143.80 as of the 12:30 p.m. close, trimming this week’s decline to 0.3 percent. The market shut early today for Christmas Eve. Two stocks advanced for each that fell in the benchmark equity index of 30 companies.
Shares on the measure trade at an average 15.3 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.
Oil rig-builders: The world’s biggest builders of oil rigs advanced after crude oil futures rose to a two-year high as confidence among U.S. consumers increased to the highest in six months.
Keppel Corp. (KEP SP), the world’s biggest builder of oil rigs climbed 0.9 percent to S$10.80. Smaller rival Sembcorp Marine Ltd. (SMM) increased 0.6 percent to S$5.06.
Global Logistic Properties Ltd. (GLP SP), a logistics company whose customers include Wal-Mart China, Deutsche Post AG’s DHL and FedEx Corp., advanced 0.9 percent to S$2.18. Citigroup Inc. reiterated its “buy” rating on the stock, saying the commencement of acquisitions in China will be a strong catalyst for the stock. The company said yesterday it agreed to buy 19.9 percent of Shenzhen Chiwan Petroleum Supply Base Co.
Total Access Communication Pcl (DTAC SP), Thailand’s second-largest mobile-phone company, surged 7.6 percent to $1.42, the biggest advance since May 31. State-owned CAT Telecom approved the company’s plan to expand trials of high-speed mobile-phone services in Thailand, the Bangkok Post reported, citing CAT’s President Jirayut Rungsrithong.
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