Singapore Stocks: Cosco, Neptune Orient, Oversea-Chinese Banking
Singapore’s Straits Times Index (FSSTI) gained for a sixth day, rising 0.6 percent to 3,159.93 at the close. That’s the longest winning streak since April 8. Almost three stocks rose for each that fell in the benchmark index of 30 companies. The gauge fell 0.6 percent this month.
Shares on the measure trade at an average 14.5 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.
Lenders: Oversea-Chinese Banking Corp. (OCBC SP), Singapore’s second-biggest lender by market value, increased 1.2 percent to S$9.50. United Overseas Bank Ltd. (UOB) added 0.8 percent to S$19.44. Hong Leong Finance Ltd. (HLF SP) rose 0.7 percent to S$2.86.
Lending by banks in Singapore expanded 22 percent in April from a year earlier, bolstered by loans to consumers and companies in manufacturing, construction and general commerce industries, according to data from the Monetary Authority of Singapore.
Cosco Corp. Singapore Ltd. (COS SP), a shipbuilding unit of China’s biggest shipping company, climbed 2.1 percent to S$1.97. Kim Eng Holdings Ltd. raised its rating on the stock to “buy” from “hold.”
Global Logistic Properties Ltd. (GLP) , the logistics company that counts Japan as its biggest market, gained 0.5 percent to S$2. The company said full-year net income was $706.1 million, compared with a net loss of $149.7 million a year earlier.
Neptune Orient Lines Ltd. (NOL SP), Southeast Asia’s biggest container carrier, lost 0.5 percent to S$1.83. The company said average freight rates fell 4 percent in the four weeks to May 6 from a year earlier. The company transported 9 percent more cargo during the period, it said.
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