Bloomberg News

Singapore Stocks: Chemoil Energy, Global Logistic, Olam, STX OSV

February 15, 2012

Feb. 15 (Bloomberg) -- Singapore’s Straits Times Index rose 0.8 percent to 3,011.68, its highest close since Aug. 4. More than four shares gained 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 company names.

Developers: Real estate companies gained as Singapore’s private home sales in January rebounded from their lowest in two years, boosted by suburban purchases as some developers offered incentives after the government introduced property curbs.

City Developments Ltd. (CIT SP), Singapore’s second-biggest property company, gained 1.6 percent to S$10.94. Keppel Land Ltd. (KPLD SP), the real estate unit of Keppel Corp., climbed 2.7 percent to S$3.10. Wing Tai Holdings Ltd. (WINGT SP), a builder of high-end housing projects, rose 1.5 percent to S$1.345.

Chemoil Energy Ltd. (CHEME SP) surged 30 percent to 39.5 Singapore cents, its steepest gain since October 2008. The supplier of fuel to the maritime industry swung to a net profit of $19.5 million from a loss of $1.8 million in the year-earlier period.

Global Logistic Properties Ltd. (GLP SP), the owner of warehouses in China and Japan, added 1 percent to S$2. The company said third-quarter net income rose to $86.3 million from $83.4 million a year earlier.

Olam International Ltd. (OLAM SP) dropped 1.5 percent to S$2.57 after the agricultural commodity supplier said second- quarter profit fell 12 percent to S$128.5 million ($102 million) from a year earlier on waning demand for cotton and timber.

Sakari Resources Ltd. (SAR SP) climbed 7.3 percent to S$2.51 after the owner of coal mines in Indonesia reported fourth-quarter net income doubled.

STX OSV Holdings Ltd. (SOH SP), the world’s biggest maker of oil-rig support vessels, jumped 12 percent to S$1.725, its highest close since it began trading in November 2010. The stock advanced after fourth-quarter profit beat analysts’ estimates.

--With assistance from Kana Nishizawa in Hong Kong.

--Editors: Jim Powell, 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 at ngentle2@bloomberg.net


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