Singapore Stocks: Allco Commercial REIT, Keppel, Noble Group
Singapore's Straits Times Index fell 8.30, or 0.3 percent, to close at 2,824.91. The gauge lost 0.5 percent this week, its fifth straight week of losses. The index has lost 18.5 percent this year and is 26.3 percent down from its peak in October. The market will be closed for a public holiday tomorrow.
Allco Commercial Real Estate Investment Trust (ALLC SP) was suspended, after declining 9.4 percent to 72.5 Singapore cents yesterday. The company said yesterday three directors resigned and it appointed an executive director, two days after Moody's Investors Service cut its debt rating.
Keppel Corp. (KEP SP), the world's biggest builder of shallow-water oil rigs, lost 11 cents, or 1.2 percent, to S$9.44.
April crude oil futures dropped 4.5 percent to expire at $104.48 a barrel in the steepest one-day decline since Aug. 6. The May contract dropped 5.5 percent. The contract was recently at $101.84 in after-hours trading.
Lower crude prices may dent demand for rigs and platforms to drill for oil.
Noble Group Ltd. (NOBL SP), a Hong Kong-based supplier of raw materials, retreated 17 cents, or 8.7 percent to S$1.79, its lowest since Feb. 11 and its steepest drop in more than a year. The stock was the biggest percentage loser on the Straits Times Index.
A measure of six metals traded on the London Metal Exchange, including copper and nickel, dropped 2.8 percent yesterday. Gold futures slumped the most since June 2006 to $945.30 an ounce in New York.
Straits Asia Resources Ltd. (SAR SP), an Indonesian coal producer, slumped 36 cents, or 12.4 percent to S$2.54, its biggest slide since Jan. 22, on concern a global economic slowdown will curb demand while benchmark Asian prices of the fuel fell for a fourth week.
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