Singapore Stocks: Neptune Orient, Singapore Airlines, Sri Trang
Singapore’s Straits Times Index dropped 1.6 percent to 3,179.72 at the close of trading, erasing this year’s advance. The gauge fell 0.3 percent this month. All but three stocks in the benchmark index of 30 companies fell.
Shares on the measure trade at an average 14.5 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.
Micro-Mechanics Holdings Ltd. (MMH SP), a manufacturer of tools for the semiconductor industry, gained 2.1 percent to 49.5 Singapore cents. The company said second-quarter profit doubled to S$1.80 million ($1.4 million).
Neptune Orient Lines Ltd. (NOL SP), which is Southeast Asia’s biggest container carrier and gets about a quarter of its revenue from Asia and the Middle East, slipped 1.8 percent to S$2.20. Egyptian protesters defied a curfew and demonstrated against President Hosni Mubarak for a sixth day.
Pan Hong Property Group Ltd. (PANH SP), a developer of residential projects in China, climbed 2.6 percent to 40 Singapore cents. The company said third-quarter profit doubled to 125 million yuan ($20 million) after revenue quadrupled.
Singapore Airlines Ltd. (SIA SP), the world’s second- biggest carrier by market value, dropped 1.9 percent to S$14.76. The company said third-quarter profit fell 29 percent to S$288.3 million from a year earlier after charges related to antitrust cargo fines. The company was expected to report a profit of S$299 million, according to the average estimate of six analysts surveyed by Bloomberg.
Sri Trang Agro-Industry Pcl (STA SP), Thailand’s biggest listed rubber producer, lost 0.8 percent to S$1.19 on its trading debut. The company sold 280 million shares at S$1.20 each in its initial share sale in Singapore, raising gross proceeds of S$336 million. The share sale was 0.81 times subscribed.
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