Dec. 12 (Bloomberg) -- Singapore’s Straits Times Index rose 0.9 percent to 2,719.33 as of 10:24 a.m. local time. Eight shares advanced for each that fell in the benchmark gauge of 30 companies.
The following were among the most active shares in the market. Stock symbols are in parentheses after the company names.
Export-related stocks: Shares of exporters, shipping companies and port operators advanced after a report showed confidence among U.S. consumers rose more than forecast in December to a six-month high, boosting the outlook for Asian exporters.
Amtek Engineering Ltd. (AMTK SP), a supplier of precision components to companies including Sony Corp., gained 2.5 percent to 61 Singapore cents. Neptune Orient Lines Ltd. (NOL SP), Southeast Asia’s biggest container line rose, added 2.2 percent to S$1.15. Hutchison Port Holdings Trust (HPHT SP), the owner of port assets in Hong Kong and China, advanced 1.6 percent to 63 U.S. cents.
Singapore Telecommunications Ltd. (ST SP), Southeast Asia’s biggest phone company, rose 1.9 percent to S$3.19. SingTel is attractive as it offers a hefty dividend yield, Carey Wong, an analyst at OCBC Investment Research, said in an interview. Investors are buying high-yield stocks as a defensive strategy on concern market volatility will continue next year as Europe struggles to contain its sovereign-debt crisis, he said.
Yangzijiang Shipbuilding Holdings Ltd. (YZJ SP), China’s third-largest shipyard outside state control, climbed 3.8 percent to 96 Singapore cents. The company said it and Qatar Investment Corp. agreed to set up a joint venture, which will help strengthen Yangzijiang’s efforts to build offshore platforms and related vessels.
--Editor: Jim Powell.
To contact the reporter on this story: Jonathan Burgos in Singapore at firstname.lastname@example.org
To contact the editor responsible for this story: Nick Gentle at email@example.com