Singapore Stocks: Creative Technology, Eratat, Yandlord Land
Singapore’s Straits Times Index fell 0.3 percent to 3,210.43 as of 9:30 a.m. local time. Three stocks declined for each that rose in the benchmark index of 30 companies.
Shares on the measure trade at an average 14.7 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.
China developers: Real estate companies with businesses in the world’s fastest growing major economy dropped after China increased the minimum down payment for second-home purchases and asked local governments to boost land supply, seeking to further limit the risk of asset bubbles in the country.
CapitaLand Ltd. (CAPL SP), Southeast Asia’s biggest developer that gets about 26 percent of sales from China, fell 0.8 percent to S$3.66. Yanlord Land Group Ltd., a China-based developer slid 1.8 percent to S$1.61.
Creative Technology Ltd. (CREAF SP), a consumer electronics maker whose music players compete with Apple Inc.’s iPod, sank 3.5 percent to S$3.89. The company said it had a second-quarter net loss of $10.9 million, compared with a loss of $5.3 million a year earlier.
Eratat Lifestyle Ltd. (ERAT SP), the China-based maker of athletic shoes and apparel, dropped 4.3 percent to 22.5 Singapore cents. The company said it agreed to sell 63 million new shares at 21.35 Singapore cents each through a share placement.
Mewah International Inc. (MII SP), a producer of vegetable oils, climbed 1.8 percent to S$1.11. The company said it will buy six plots of land in Malaysia for about S$11.2 million to be used for future expansion.
STX Pan Ocean Co. (STX SP), South Korea’s biggest bulk carrier, dropped 3.9 percent to S$12.50. The Baltic Dry Index, a measure of commodity-shipping costs, fell 4.5 percent in London yesterday, extending its decline to a seventh day.
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