Singapore Stocks: City Developments, Golden Agri, Sinomem, Stats
Singapore’s Straits Times Index fell 0.2 percent to 3,176.91 at the close. Almost the same number of stocks rose as declined 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.
City Developments Ltd. (CIT SP), Singapore’s second-biggest developer, advanced 1.1 percent to S$12.96. Royal Bank of Scotland Group Plc raised its recommendation on the stock to “hold” from “sell.”
Golden Agri-Resources Ltd. (GGR SP), the world’s second- biggest palm-oil producer, climbed 1.9 percent to 79 Singapore cents. OCBC Investment Research raised its recommendation on the stocks to “buy” from “hold,” saying the company will benefit from rising crude-palm-oil prices.
M1 Ltd. (M1 SP), Singapore’s smallest-listed phone company, increased 1.3 percent to S$2.38. UOB-Kay Hian Holdings Ltd. maintained its “buy” rating on the stock, saying the company is likely to declare a special dividend when it announces full- year earnings next month.
Sinomem Technology Ltd. (SINO SP), the maker of filtration membranes used in the pharmaceutical, food and water treatment industries, jumped 4.2 percent to 50 Singapore cents. The company said it’s planning to list unit China Green Holdings Pte on Singapore’s Catalist board. China Green will acquire the entire business of Rosin Chemical, a wholly-owned Sinomem subsidiary that manufactures pine oleoresin, a raw material used in making paints and adhesives.
Stats Chippac Ltd. (STAT SP), a Singapore-based provider of semiconductor test and assembly services, gained 2.3 percent to 90.5 Singapore cents. The company said its flip-chip business increased more than 50 percent this year compared to 2009.
To contact the editor responsible for this story: Nick Gentle at firstname.lastname@example.org.