Singapore Stocks: Golden Agri-Resources, Olam, STX Pan Ocean
Singapore’s Straits Times Index declined 2 percent to 3,126.30 at the close, the biggest drop since May 25. Twenty-nine stocks fell in the benchmark equity index of 30 companies.
Shares on the measure trade at an average 15.3 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.
Palm-oil producers: Crude palm oil for February delivery dropped as much as 2.5 percent in Kuala Lumpur today.
Golden Agri-Resources Ltd. (GGR SP), the world’s second- biggest palm-oil producer, slumped 4.2 percent to 68.5 Singapore cents. Indofood Agri Resources Ltd. (IFAR SP), the palm-oil unit of Indonesia’s biggest noodle maker, dropped 3.8 percent to S$2.53.
Wilmar International Ltd. (WIL SP), the world’s biggest palm oil trader, declined 2.1 percent to S$6.02. Deutsche Bank AG lowered its rating to “hold” from “buy.”
Olam International Ltd. (OLAM SP), one of the world’s three biggest cotton traders, sank 3.1 percent to S$3.10. Cotton declined to a four-week low as China, the world’s biggest consumer, took steps to curb speculative trading and cool its economy, eroding demand from textile producers.
StarHub Ltd. (STH SP), Singapore’s second-biggest phone company, fell 0.8 percent to S$2.66. Citigroup Inc. lowered its rating on the stock to “sell” from “hold.”
STX Pan Ocean Co. (STX SP), South Korea’s biggest bulk carrier, slipped 1.4 percent to S$13.90 after North Korea fired artillery shells into South Korea, injuring 14 soldiers.
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