Singapore Stocks: Keppel Corp., Oversea-Chinese Banking, Sakari
Singapore’s Straits Times Index (FSSTI) added 0.3 percent to 3,008.79 as of 11:35 a.m. local time. Almost four shares advanced for each that fell in the 30-member gauge.
The following were among the most active shares in the market. Stock symbols are in parentheses after company names.
ComfortDelgro Corp. (CD) , Singapore’s biggest operator of buses and taxis, gained 0.3 percent to S$1.51. The government will help public transport operators increase their bus fleets by 20 percent over the next five years by funding the cost of 550 such vehicles, Finance Minister Tharman Shanmugaratnam said last week.
Keppel Corp. (KEP) , the world’s biggest oil-rig builder, advanced 1.5 percent to S$10.93 after selling 39 of its Floatel International Ltd. unit for 776.7 million Norwegian krone ($137 million). Following the sale, Keppel’s stake in Floatel has been reduced to 47 percent from 86 percent.
Oversea-Chinese Banking Corp. (OCBC SP) added 0.7 percent to S$8.91 after Southeast Asia’s second-largest bank said fourth-quarter profit rose 18 percent from a year earlier to to S$594 million ($475 million). That beat the S$574.3 million average of eight analysts’ estimates compiled by Bloomberg.
Neptune Orient Lines Ltd. (NOL SP) climbed 3.1 percent to S$1.49, tracking a regional advance by container-shipping lines. Hong Kong-listed Orient Overseas International Ltd. said it will raise rates on routes from Northern Europe to Asia and Maersk Line, the world’s No. 1 container carrier, said it will cut capacity by 9 percent in Asia-Europe routes to shore up profit.
Sakari Resources Ltd. (SAR) , the owned of coal mines in Indonesia, rose 1.2 percent to S$2.56. UBS AG named the stock is top pick among Indonesian coal producers, saying profit margins and volumes could improve this year as Sakari starts production in its Sebuku mine.
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