Singapore’s Straits Times Index gained 0.3% to 2,881.36 at the close. The gauge gained 3.3% this week, the most since the week ended Aug. 28. Three stocks rose for every two shares that fell on the 30- member gauge.

Shares on the measure trade at 15 times estimated earnings, compared with about 17.5 times at the start of 2010, according to data compiled by Bloomberg. The following shares were among the most active in the market. 

CapitaMalls Asia (CMA SP), the owner of shopping malls in China and Singapore, climbed 1.3% to $2.37. The stock will replace Cosco Corp. Singapore (COS SP) as a constituent in the benchmark index, the Singapore Exchange said in a statement yesterday.

Cosco Corp., a China-based shipbuilder, dropped 2.4% to $1.23, the second-biggest decline on the benchmark index. The company said a European customer has cancelled an order for a bulk carrier, while two Asian clients have requested the rescheduling of deliveries for four vessels.

SembCorp Marine (SMM SP), the world’s second-biggest oil rig builder, slipped 1.7% to $4.04. DMG & Partners Securities Pte. cut the stock to “sell” from “neutral.”

Singapore Airlines (SIA SP), the world’s second- biggest airline by market value after Air China (753 HK), gained 0.8% to $15.84. Airlines worldwide will lose a collective US$2.8 billion ($3.9 billion) this year, half the previous forecast, as emerging markets lead a rebound in traffic, the International Air Transport Association said yesterday.

Straits Asia Resources (SAR SP), the Indonesian coal mining company partly owned by PTT Pcl (PTT TB), dropped 2.4% to $2.05. DBS Group Holdings downgraded the stock to “hold” from “buy.”