Singapore Stocks: Allgreen, Cougar, Jardine Cycle & Carriage
Singapore’s Straits Times Index (FSSTI) gained 0.2 percent to 3,118.65 at the close, erasing earlier losses of as much as 0.7 percent. About the same number of stocks rose and fell in benchmark index of 30 companies.
Shares on the measure trade at an average 14.3 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.
Allgreen Properties Ltd. (AG) , the developer to be taken private by Malaysian businessman Robert Kuok, increased 1.3 percent to S$1.61, extending gains to 40 percent since Kuok’s Brookvale Investments Pte offered on May 23 to buy the rest of Allgreen at S$1.60 per share. Brookvale and other companies linked to Kuok hold 64.5 percent of Allgreen, having bought additional shares in the market yesterday, the company said.
Cougar Logistics Corp. Ltd. (CLC SP), a Singapore-based logistics company, surged 16 percent to 26 Singapore cents. The company said full-year net income rose 2.3 percent from a year earlier to S$2 million.
Jardine Cycle & Carriage Ltd. (JCNC) : The automotive distributor that gets 89 percent of its sales from Indonesia declined 0.6 percent to S$38.06. Its Indonesian unit PT Astra International (ASII IJ), Indonesia’s largest automotive retailer, said yesterday the nation’s vehicle sales in April fell to 60,702 units from 82,058 units from the previous month.
United Envirotech Ltd. (UENV) , an environmental engineering company, fell 1.4 percent to 36.5 Singapore cents. OCBC Investment Research lowered its share-price forecast to 53 Singapore cents from 65 Singapore cents and maintained its “buy” rating.
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