Singapore Stocks: CNA Group, Genting, Olam International, Wilmar
Singapore’s Straits Times Index dropped 0.8 percent to 3,172.44 at the close, after rising as much as 0.6 percent earlier. The gauge increased 0.5 percent this week. Almost three stocks fell for each that rose in the benchmark equity index of 30 companies.
Shares on the measure trade at an average 15.4 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.
CNA Group Ltd. (CNA SP), the supplier of building- automation systems, sank 6.5 percent to 21.5 Singapore cents. DMG & Partners Securities Pte lowered its rating on the stock to “sell” from “neutral,” saying the company will incur a loss from the sale of its stake in Standard Water Ltd.
Genting Singapore Plc (GENS SP), operator of one of two casino resorts in the city-state, climbed 2.5 percent to S$2.09. DBS Group Holdings Ltd. raised its share-price forecast to S$2.70 from S$2.36 and maintained its “buy” rating.
Olam International Ltd. (OLAM SP), a Singapore-based supplier of agricultural commodities, climbed 2.6 percent to S$3.15. The company said it will form a joint venture with the Lababidi Group to set up a sugar refinery, valued at $200 million, in Nigeria. Olam said it will have an 80 percent stake in the venture.
Wilmar International Ltd. (WIL SP), the world’s biggest palm-oil trader, gained 0.3 percent to S$6.03. The company said it agreed to pay 378.1 million ringgit ($120.2 million) for a 20 percent stake in FFM Bhd., operator of flour mills in Malaysia, Vietnam, Thailand and Indonesia.
To contact the editor responsible for this story: Nick Gentle at email@example.com.