Singapore Stocks: Ascendas REIT, Mewah, STX OSV Holdings
Singapore’s Straits Times Index gained 0.5 percent to 3,120.47 at the close, taking its weekly advance to 1.6 percent. Six stocks rose for each that fell in the benchmark index of 30 companies.
Shares on the measure trade at an average 14.4 times estimated earnings, compared with about 15.6 times at the end of 2010, 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 producers: Crude palm-oil futures for June delivery gained as much as 1.7 percent in Kuala Lumpur today, set for its third day of advance.
Golden Agri-Resources Ltd. (GGR) , the world’s second- biggest palm-oil producer, increased 2.2 percent to 70.5 Singapore cents. First Resources Ltd. (FR) , an Indonesian palm-oil producer, jumped 3 percent to S$1.36. Indofood Agri Resources Ltd. (IFAR) , the palm-oil unit of Indonesia’s biggest noodle maker, increased 3.6 percent to S$2.31.
Ascendas Real Estate Investment Trust (AREIT) , an industrial landlord, fell 2 percent to S$2. The company said it will raise gross proceeds of S$400 million ($317 million), selling 206.2 million new shares at S$1.94 each in a share placement.
Low Keng Huat (Singapore) Ltd. (LKH SP), a construction company, advanced 5.5 percent to 48 Singapore cents. The company said fourth-quarter net income increased 27 percent to S$19.2 million from a year earlier.
Mewah International Inc. (MII) , a producer of vegetable oils, jumped 6.7 percent to S$1.04. DBS Group Holdings Ltd. rated the stock a new “buy” with a share-price forecast of S$1.21.
STX OSV Holdings Ltd. (SOH) , the world’s biggest maker of oil-rig support vessels by sales, increased 5 percent to S$1.25. The company said it received an environmental license to build its second shipyard in Brazil. Construction of the new facility will begin in second quarter of this year and will be fully operational by 2013.
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