Bloomberg News

Singapore Stocks: Hi-P, Hongkong Land, Neptune Orient Lines

January 04, 2012

Jan. 4 (Bloomberg) -- Singapore’s Straits Times Index gained 0.3 percent to 2,697.06 as of 10:33 a.m. local time. Two stocks advanced for each that fell in the 30-member gauge.

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

Hi-P International Ltd. (HIP SP), an electronics manufacturer whose clients include BlackBerry maker Research in Motion Ltd., gained 0.8 percent to 63.5 Singapore cents. DMG & Partners Securities Pte raised its rating to “buy” from “neutral,” saying Hi-P’s earnings may recover this year.

Hongkong Land Holdings Ltd. (HKL SP), one of the biggest office landlords in the Chinese territory, rose 1.9 percent to $4.81. UBS AG raised its rating to “neutral” from “sell,” citing the stock’s discount to net asset value and dividend yield.

Keppel Corp. (KEP SP), a Singapore-based industrial conglomerate that gets about 26 percent of its revenue from utilities, added 0.4 percent to S$9.60. The company said it agreed to buy 49.9 percent of OWEC Tower AS, a Norway-based builder of wind turbine foundations, for 61 million krone ($10.2 million).

Neptune Orient Lines Ltd. (NOL SP), Southeast Asia’s biggest container carrier, climbed 1.7 percent to S$1.20. Deutsche Bank AG maintained its “buy” rating on the stock, citing rising freight rates in the U.S. amid improving retail sales.

--Editor: Jim Powell.

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 at ngentle2@bloomberg.net


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