Singapore Stocks Exchanges news: STI gains 0.8% to 3,151.28 at closing

Singapore’s Straits Times Index gained 0.8% to 3,151.28 as of the close. More than four stocks advanced for each that fell in the gauge of 30 companies. The measure is headed for a 0.4% increase this week, its third weekly advance.

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.

Elec & Eltek International Co. (ELEC SP), a maker of printed circuit boards, rose 2.1% to US$3.85 ($4.70) as its shares started trading on the Hong Kong exchange today, giving the primary listings in Singapore and Hong Kong.

 

Oversea-Chinese Banking Corp. (OCBC SP), Singapore’s second-biggest lender by market value, added 0.2% to $9.46. The company said its Australian unit sold A$500 million ($656 million) of senior unsecured notes due in July 2014. The floating-rate notes were priced to yield 83 basis points more than the three-month bank bill swap reference rate, it said.

 

Portek International (PORT SP), a Singapore-based port operator and supplier of container cranes, climbed 5.7% to $1.305, heading for its highest close since it started trading in March 2002. DMG & Partners Securities initiated coverage on the stock with a “buy” rating. A takeover offer by Philippine rival International Container Terminal Services Inc. for $1.20 a share last month “undervalues” the stock, the brokerage said. DMG estimates fair value for Portek at $1.56.

 

UOL Group (UOL SP), Singapore’s fifth-largest hotel operator by sales, gained 0.2% to $4.93. India Infoline initiated coverage of the stock, with an “add” rating and share-price forecast of $5.78, saying its hotels are benefiting from increasing tourism in Asia.

 

Venture Corp. (VMS SP), Singapore’s biggest publicly traded electronics manufacturing services provider, slid 2% to $8.40. DBS Group Holdings lowered its rating on the stock to “hold” from “buy,” saying second-quarter earnings will be weak. The brokerage cut its share-price forecast to $8.10 from $11.

(The Edge Singapore)