Singapore Stocks: FJ Benjamin, Golden Agri, Singapore Airlines
Singapore’s Straits Times Index declined 1.5 percent to 3,103.39 at the close, the lowest level since Sept. 30. All but two stocks in the benchmark index of 30 companies declined.
Shares on the measure trade at an average 14.2 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.
Palm-oil producers: Crude palm-oil futures for April delivery fell as much as 1.1 percent in Kuala Lumpur today, heading for their first decline in three days.
Golden Agri-Resources Ltd. (GGR SP), the world’s second- biggest palm-oil producer, slipped 0.7 percent to 71.5 Singapore cents. Indofood Agri Resources Ltd. (IFAR SP), the palm-oil unit of Indonesia’s biggest noodle maker, dropped 2.7 percent to S$2.52. Wilmar International Ltd. (WIL SP), the world’s largest palm-oil trader, declined 1.5 percent to S$5.31.
FJ Benjamin Holdings Ltd. (FJB SP), the retailer of Guess Inc. and Gap Inc., climbed 2.5 percent to 41.5 Singapore cents. The company said second-quarter net income increased to S$4.1 million ($3.2 million) from S$1.7 million a year earlier.
Qingmei Group Holdings Ltd. (QMEI SP), a supplier of soles used in sports shoes, slumped 13 percent to 31.5 Singapore cents. The company said second-quarter net income fell 1.3 percent to 66.4 million yuan ($10 million) from a year earlier.
Singapore Airlines Ltd. (SIA SP), the world’s second- biggest carrier by market value, lost 1.5 percent S$14.12. Daiwa Securities Group Inc. lowered its rating to “hold” from “outperform” and cut its share-price forecast to S$15 from S$17.
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