Singapore Stocks: CapitaLand, China Gaoxian, Renewable Energy
Singapore’s Straits Times Index declined 0.3 percent to 3,245.96 at the close, taking the weekly decline to 0.5 percent. Three stocks fell for every two that rose in the benchmark equity index of 30 companies.
Shares on the measure trade at an average 14.8 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.
Developers: Singapore will increase down payments for second mortgages and impose a stamp duty on property held for less than four years to cool property prices. The nation’s private home prices climbed to a record in the fourth quarter as the fastest economic growth since independence helped counter earlier measures.
CapitaLand Ltd. (CAPL SP), Southeast Asia’s biggest developer, dropped 3.4 percent to S$3.71. City Developments Ltd. (CIT SP), Singapore’s second-largest real-estate company, declined 4.6 percent to S$12.16. Keppel Land Ltd. (KPLD SP) decreased 3.1 percent to S$4.73.
China Gaoxian Fibre Fabric Holdings Ltd. (CGXF SP), a maker of polyester yarn and warp-knit fabric, slumped 5.6 percent to 42 Singapore cents after pricing its Korean depositary receipts at a discount. The company said it is raising net proceeds S$223.8 million ($174 million) by selling KDRs at 7,000 won each. Each KDR is equivalent to 20 new shares, translating into an issue price of 40.5 Singapore cents a share, it said.
Renewable Energy Asia Group Ltd. (REAG SP), the maker of wind-turbine components, jumped 11 percent to 24.5 Singapore cents. The company said it will develop a wind farm in Haimen City, China. The project will cost about 500 million yuan ($76 million), it said.
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