Singapore Stocks: CCM, Keppel Land, KS Energy, Neptune Orient
Singapore’s Straits Times Index (FSSTI) gained 0.3 percent to 3,013.60 at the close. Three stocks rose for every two that fell in the benchmark index of 30 companies.
Shares on the measure trade at an average 13.9 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.
CCM Group Ltd. (CCM) , a Singapore-based construction company, increased 7.1 percent to 15 Singapore cents. The company said it signed an agreement to develop an eco-tourism resort in China’s Chongqing province. The project will be developed over a period of three to five years, requiring total investment of 1.6 billion yuan ($247 million), it said.
Keppel Land Ltd. (KPLD) , a real-estate unit of Keppel Corp. (KEP SP), advanced 3.2 percent to S$3.51. The company said it and partners Tien Phouc Co. and Tran Thai Co. have obtained masterplan approval to develop 6,430 homes at a waterfront residential project in Ho Chi Minh City, Vietnam.
KS Energy Ltd. (KST SP), a maker of drilling equipment for oil explorers, jumped 10 percent to S$1.06. The company said it received an offer from main shareholder, Pacific One Energy Ltd., seeking to buy the rest of the company’s shares it doesn’t own at S$1.07 each. Pacific One currently holds a 40.4 percent stake in KS Energy, it said.
Neptune Orient Lines Ltd. (NOL SP), Southeast Asia’s biggest container carrier by market value, slumped 4.6 percent to S$1.45. CIMB Group Holdings Bhd. cut its rating on the stock to “trading sell” from “outperform.”
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