Singapore Stocks: Cosco Singapore, DBS Group, Overseas Union
Singapore’s Straits Times Index dropped 0.2 percent to 3,241.96 at the close. Almost the same number of stocks rose and fell 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.
CapitaCommercial Trust (CCT SP), the office landlord partly owned by CapitaLand Ltd. (CAPL SP), increased 1.3 percent to S$1.53. The company said distributable income in the fourth quarter was S$54.7 million ($42.7 million) compared with S$52.9 million a year earlier.
City Developments Ltd. (CIT SP), Singapore’s second-largest developer, slipped 1.1 percent to S$12.12. India Infoline Ltd. cut the stock’s rating to “sell” from “reduce” and lowered its share-price forecast to S$10.55 from S$13.63.
Cosco Corp. Singapore Ltd. (COS SP), a China-based shipbuilder that also operates bulk carriers, jumped 3.9 percent to S$2.42, its highest close since August 2008. DBS Group Holdings Ltd. raised its share-price forecast to S$3.03 from S$2.76 and maintained its “buy” rating.
DBS Group Holdings (DBS SP), Southeast Asia’s biggest lender, increased 1 percent to S$14.90. JPMorgan Chase & Co. raised its share-price forecast to S$24 from S$18 and maintained its “overweight” rating, saying the bank’s earnings will increase this year as net-interest margins improve.
Overseas Union Enterprise Ltd. (OUE SP), a hotel operator, declined 2.8 percent to S$3.48. Credit Suisse Group AG is selling a stake in the company for as much as $116 million, Reuters reported, citing its IFR news service. Credit Suisse is offering to sell the shares at between S$3.35 and S$3.50 each, the report said.
Singapore Exchange Ltd. (SGX SP), the operator of the city’s derivatives and securities exchange, climbed 2.1 percent to S$8.68. HSBC Holdings Plc increased its rating to “neutral” from “underweight.” The company said it will start using on Aug. 15 a new trading platform that it claims may be the world’s fastest.
UOL Group Ltd. (UOL SP), the developer partly owned by Singapore’s second-biggest lender, gained 0.4 percent to S$5.09. The company said its S$313 million bid for a property in eastern Singapore was successful. The site may be redeveloped as commercial and residential project.
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