Singapore’s Straits Times Index gained 0.4% to 2,938.74 at the close, pushing the gauge 0.1% higher this week. Two stocks rose for each that fell on the 30-member gauge.
Shares on the measure trade at an average 14.2 times estimated earnings, compared with about 17.4 times at the beginning of the year, according to Bloomberg data. The following shares were among the most active in the market.
Shares on the measure trade at an average 14.2 times estimated earnings, compared with about 17.4 times at the beginning of the year, according to Bloomberg data. The following shares were among the most active in the market.
Kian Ann Engineering (KAE SP), a supplier of tractor and diesel engine parts, gained 2.6% to 20 cents. The company said full-year profit increased 15% to $13.2 million from a year earlier.
MCL Land (MCL SP) surged 26% to $2.45, its biggest advance on record, after its parent Hongkong Land Holdings (HKL SP) offered to buy the rest of the Singapore- based homebuilder for $2.45 a share. Hongkong Land, which holds about 77.4% of MCL Land, rose 1.5% to US$5.40 ($7.32).
Olam International (OLAM SP), a Singapore-based supplier of agricultural commodities, jumped 6.8% to $2.68. The company said fourth-quarter net income doubled to $92.3 million from $46.7 million a year earlier. Credit Suisse Group AG raised its share-price estimate to $4.25 from $3.50 and kept its “outperform” rating, saying the company’s earnings beat estimates.
Wilmar International (WIL SP), the world’s biggest palm-oil trader, rose 0.5% to $6.21. The company said its unit PGEO Group agreed to buy the remaining 8.6% of Natural Oleochemicals from National Land Finance Co-operative Society for 42.5 million ringgit ($18.3 million). PGEO last month acquired 91.4% of Natural Oleochemicals from Kulim (Malaysia) Bhd.
