Singapore Stocks: Genting, Kim Eng, Mirach Energy, Noble Group

Singapore’s Straits Times Index dropped 0.4 percent to 3,266.42 as of the 12:30 p.m. trading break. Almost four stocks declined for each that rose in the benchmark equity index of 30 companies.

Shares on the measure trade at an average 14.9 times estimated earnings, compared with about 15.6 times at the end of 2010, 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.

Commodity suppliers: The Thomson Reuters/Jefferies CRB Index, which tracks prices of 19 commodities from copper to corn, fell 1.3 percent in New York yesterday.

Noble Group Ltd. (NOBL SP), a Hong Kong-based commodities supplier, lost 0.4 percent to S$2.30. Olam International Ltd. (OLAM SP), a Singapore-based supplier of agricultural commodities, decreased 2.1 percent to S$3.22.

Genting Singapore Plc (GENS SP), the owner of one of two casino resorts in the city-state, fell 0.5 percent to S$2.21. UOB-Kay Hian Holdings Ltd. cut its rating on the stock to “sell” from “hold.”

GMG Global Ltd. (GGL SP), a Singapore-based owner of rubber plantations in West Africa, increased 3.4 percent to 30.5 Singapore cents. The company said shipments from its facilities in the Ivory Coast have resumed after delays last month caused by the nation’s political crisis.

Kim Eng Holdings Ltd. (KEH SP), the Singaporean brokerage, which received a takeover offer from Malayan Banking Bhd. (MAY MK), surged 12 percent to S$3.02 after it resumed trading today. Maybank, as Malaysia’s biggest lender by assets, will pay S$3.10 for each Kim Eng share in a deal valued at S$1.79 billion ($1.38 billion).

Mirach Energy Ltd. (MENR SP), the explorer of oil and natural gas, advanced 11 percent to 10 Singapore cents. The company said it signed an agreement with Shanghai Petroleum and Natural Gas Co. to operate and seek new fields. Shanghai Petroleum is partly owned by China Petroleum and Chemical Corp. or Sinopec and CNOOC Ltd.

To contact the reporter on this story: Jonathan Burgos in Singapore at

To contact the editor responsible for this story: Nick Gentle at

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