Singapore Stocks: Genting, Guocoland, SingTel, Stats Chippac
Singapore’s Straits Times Index gained 0.3 percent to 3,229.69 at the close, extending this week’s advance to 1.4 percent. About the same number of stocks rose and fell 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.
Genting Singapore Plc (GENS SP), operator of one of two casino resorts in the city-state, slid 1 percent to S$2.04. Daiwa Securities Group Inc. lowered its share-price forecast to S$2.78 from S$2.93, while maintaining its “buy” rating.
GuocoLand Ltd. (GUOL SP), the developer controlled by Malaysian tycoon Quek Leng Chan, dropped 4.3 percent to S$2.66. The company said second-quarter net income dropped 64 percent to S$21.6 million from a year ago.
Longcheer Holdings Ltd. (LHL SP), a China-based mobile phone designer, slumped 9 percent to 40.5 Singapore cents. The company said second-quarter profit tumbled 60 percent to 15.6 million yuan ($2.4 million) from a year ago.
Singapore Telecommunications Ltd. (ST SP): Southeast Asia’s biggest phone company, climbed 1.6 percent to S$3.16. The stock was raised to “buy” from “hold” at BNP Paribas. The brokerage increased its share-price estimate to S$3.75 from S$3.15.
Stats Chippac Ltd. (STAT SP), the chip-testing and packaging company controlled by Temasek Holdings Pte, lost 1.7 percent to 87 Singapore cents. The company said its fourth- quarter profit fell to $19 million from $33.8 million a year earlier.
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