Singapore Stocks: Allgreen, Cosco, Raffles Medical, Yangzijiang

Singapore's Straits Times Index (FSSTI) dropped 29.27, or 0.9 percent, to close at 3,172.36, snapping a two-day, 0.8 percent advance. The benchmark index has fallen 8.5 percent this year.

About 1.2 billion shares changed hands, about half of the 2.47 billion shares traded daily on average in the past year.

Allgreen Properties Ltd. (AG SP), the developer controlled by Malaysian investor Robert Kuok, fell 6 cents, or 4.5 percent, to S$1.27, the biggest drop since March 13. It said first-quarter profit declined 65 percent to S$17.5 million ($13 million).

Cosco Corp. Singapore Ltd. (COS) : The shipbuilding unit of China's largest shipping line dropped 22 cents, or 6.7 percent, to S$3.08, the worst performer on the 30-member Straits Times Index. The company is set to announce first-quarter earnings after trading tomorrow.

Shares of shipbuilders may have fallen on rising steel prices and concern order flow to yards is slowing down due to lack of available dockyard space, Ryu Je Hyun, analyst at Mirae Asset Securities Co. said by telephone from Hong Kong.

Innovalues Ltd. (IP) , the maker of parts for machines and components, rose 4 Singapore cents, or 21 percent, to 23 cents, the biggest gain since Nov. 30, 2001. The company said its first-quarter profit grew 36 percent to S$3.01 million from a year earlier.

Jade Technologies Holdings Ltd. (JTS SP), rose half a Singapore cent, or 6.7 percent, to 8 cents. The Singapore maker of electronic parts said it has appointed Sam Chong Keen as its group president and strengthened its board with two new executive directors and one new independent director.

Raffles Medical Group Ltd. (RFMD) , Singapore's second largest publicly-traded health-care company, rose 2 cents, or 1.6 percent, to S$1.25. The company reported its first-quarter profit rose 48 percent to S$6.1 million from a year earlier.

Total Access Communication Pcl (DTAC) , gained 4 cents, or 2.8 percent, to $1.45, its highest since April 22. Thailand's second-biggest mobile phone company said first-quarter profit rose 51 percent to 2.35 billion baht ($74 million).

To contact the reporter for this story: Katherine Espina in Singapore at kespina@bloomberg.net

To contact the editor responsible for this story: Nicolas Johnson at nicojohnson@bloomberg.net.

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