Singapore Stocks: Genting, Midas Holdings, Overseas Union, STX
Singapore’s Straits Times Index dropped 0.7 percent to 3,166.65 at the close. Six stocks fell for each that rose on the 30-member gauge.
Shares on the measure trade at an average 15.6 times estimated earnings, compared with about 17.4 times at the beginning of the year, according to data compiled by Bloomberg.
The following shares were among the most active in the market. Stock symbols are in parentheses after the company name:
China Fishery Group Ltd. (CFG SP), a fishing-fleet operator, rose 0.5 percent to S$2.10. The stock was rated “buy” with a share-price forecast of S$2.60 in new coverage by Deutsche Bank AG.
Genting Singapore Plc (GENS SP), operator of one of two casino resorts in the city, declined 2.4 percent to S$2.03. Morgan Stanley cut its recommendation on the stock to “equal- weight” from “overweight” and raised its share-price estimate to S$2 from S$1.60.
Kreuz Holdings Ltd. (KRZ SP), a provider of engineering services to the oil and gas industry, surged 5.6 percent to 47.5 Singapore cents. The company said it won a contract, valued at $7.6 million, in the Middle East.
Midas Holdings Ltd. (MIDAS SP), a maker of aluminum alloy profiles used in train carriages, climbed 2 percent to S$1.03. The company plans to raise manufacturing capacity in China by 40 percent as the nation boosts high-speed rail and subway spending, Chief Executive Officer Patrick Chew said yesterday in Hong Kong. Midas shares started trading there yesterday.
Overseas Union Enterprise Ltd. (OUE SP), a Singapore-based hotel operator, slumped 6.6 percent to S$2.85 after shareholder Golden Concord Asia Ltd. offered to sell 120.5 million shares at S$2.80 each in a placement. Golden Concord is an investment unit of Indonesia’s Lippo Group, the company’s controlling shareholder.
STX Pan Ocean Co. (STX SP), South Korea’s biggest bulk carrier, surged 8.6 percent to S$15.14, its highest closing level since May 12. The Baltic Dry Index of commodity-shipping rates climbed 2.7 percent in London yesterday, taking its four- day advance to 7.9 percent.
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