Bloomberg News

Singapore Stocks: CNMC, Genting, Sembcorp Marine, Suntec REIT

October 28, 2011

Oct. 28 (Bloomberg) -- Singapore’s Straits Times Index gained 2 percent to 2,905.72 at the close, the highest since Aug. 5. The gauge increased 7.1 this week, the biggest weekly advance since May 2009. Eight stocks rose for each that fell in the index of 30 companies today.

The following shares were among the most active in the market. Stock symbols are in parentheses after the company names.

CNMC Goldmine Holdings Ltd. (CNMC SP), a gold-mining company in Malaysia, surged 24 percent to 49.5 Singapore cents on its trading debut. The company sold 41.1 million shares at 40 Singapore cents each in its initial public offering.

Genting Singapore Plc (GENS SP), the owner of one of two casino resorts in the city-state, advanced 5 percent to S$1.785 after rival Las Vegas Sands Corp. reported third-quarter profit that beat analysts’ estimates as growth in Singapore and Macau continued. The strong growth in Singapore for Las Vegas Sands, which owns the Marina Bay Sands casino and convention center, highlights that the domestic gaming market remains robust, UOB- Kay Hian Holdings said in a note to clients.

Sembcorp Marine Ltd. (SMM SP), the world’s second-biggest builder of oil rigs, climbed 3.6 percent to S$4.36. The company said it has reached a settlement over foreign-exchange transactions. Sembcorp Marine will get a tax refund from the transactions and will recognize S$54.4 million ($44 million) in its income statement this year, it said.

Suntec Real Estate Investment Trust (SUN SP), an office and shopping mall landlord, increased 4.1 percent to S$1.275. The company said it will sell Chijmes, a downtown dining and entertainment complex in Singapore, for S$177 million. The price is 23 percent higher than its valuation as at Oct. 15, Suntec said.

Wing Tai Holdings Ltd. (WINGT SP), a developer of high-end residential properties, rose 1.6 percent to S$1.31. The company said first-quarter net income more than tripled to S$25.1 million, compared with S$6.6 million a year earlier.

--Editor: Nick Gentle

To contact the reporter on this story: Jonathan Burgos in Singapore at jburgos4@bloomberg.net.

To contact the editor responsible for this story: Nick Gentle in Hong Kong at ngentle2@bloomberg.net


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