Singapore Stocks: QAF, Raffles Medical, Straits Asia, SATS
Singapore’s Straits Times Index (FSSTI) gained 0.5 percent to 3,197.17 as of 9:20 a.m. local time. Eight stocks rose for each that fell in the benchmark index of 30 companies.
Shares on the measure trade at an average 14.7 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.
QAF Ltd. (QAF) climbed 4.6 percent to 68 Singapore cents after the baker said first-quarter net income increased to S$28.2 million ($23 million) from S$14.5 million a year earlier.
Raffles Medical Group Ltd. (RFMD) , a hospital operator, rose 1.4 percent to S$2.24 after saying first-quarter net income increased 16 percent to S$10.5 million from a year earlier.
SATS Ltd. (SATS) , the ground-handling services provider partly owned by Temasek Holdings Pte, gained 0.4 percent to S$2.53. The company said it completed the acquisition of a 40 percent stake in Saudi Arabia’s Adel Abuljadayel Flight Catering Co. for $18.5 million.
Straits Asia Resources Ltd. (SAR) , the owner of coal mines in Indonesia, jumped 5 percent to S$2.92. The company said it received a license from the Indonesian government to extend its exploration activities in the Northern Leases of its Sebuku mining project.
Yangzijiang Shipbuilding Holdings Ltd. (YZJ) , China’s third-largest shipyard outside state control, rose 0.6 percent to S$1.84. The company said first-quarter net income increased 63 percent to 954.9 million yuan ($146.6 million).
To contact the editor responsible for this story: John McCluskey at email@example.com.