Dec. 1 (Bloomberg) -- Singapore’s Straits Times Index climbed 2.2 percent to 2,761.88 at the close, the biggest advance since Oct. 27. Just two stocks fell in the benchmark gauge of 30 companies.
The following shares were among the most active in the market. Stock symbols are in parentheses after the company names.
China developers: Homebuilders in China advanced after the central bank cut the amount of cash that banks must set aside as reserves, the first reduction since 2008, as Europe’s debt crisis dims the outlook for exports and growth.
CapitaLand Ltd. (CAPL SP), a developer that gets about 21 percent of sales from China, rose 2.4 percent to S$2.58. Yanlord Land Group Ltd. (YLLG SP), a China-based real estate company, increased 1.5 percent to S$1.035.
Palm-oil producers: Crude palm-oil futures for February delivery rose as much as 2 percent in Kuala Lumpur today, snapping two days of losses.
Golden Agri-Resources Ltd. (GGR SP), the world’s second- biggest palm-oil producer by sales, gained 2.1 percent to 71.5 Singapore cents. Wilmar International Ltd. (WIL SP), the world’s largest processor of the commodity, added 2 percent to S$5.16.
Biosensors International Group Ltd. (BIG SP), a maker of drug-coated stents used to treat blocked arteries, advanced 2.2 percent to S$1.40. Nomura Holdings Inc. reiterated its “buy” rating on the stock, saying the increase in Shandong Weigao Group Medical Polymer Co.’s stake in the company will boost Biosensors’ balance sheet and improve its cashflow. Shandong Weigao raised its stake to 21.6 percent from 16.2 percent after converting $120 million of notes into shares, Biosensors said yesterday.
Noble Group Ltd. (NOBL SP), a Hong Kong-based commodities supplier, jumped 5.3 percent to S$1.20. Credit Suisse Group AG raised its rating on the stock to “outperform” from “neutral,” saying it doesn’t expect third-quarter losses to recur as earnings will be supported by stronger demand and increased utilization of its sugar mills.
--Editor: Alan Soughley
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