Singapore Stocks: Keppel Corp., Neptune Orient, Tiger Airways
Singapore’s Straits Times Index slipped 0.3 percent to 3,085.35 as of the 12:30 p.m. trading break. Three stocks fell for every two that rose in the benchmark index of 30 companies.
Shares on the measure trade at an average 14.1 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.
Broadway Industrial Group Ltd. (BWAY SP), a maker of components used in hard-disk drives, jumped 7.1 percent to S$1.06. The company proposed a one-for-one bonus share issue to existing shareholders. It also reported fourth-quarter net income increased 1.1 percent to S$10.2 million from a year earlier.
Keppel Corp. (KEP SP), the world’s biggest builder of oil rigs, gained 1.9 percent to S$11.80. The company said its Keppel FELS Ltd. unit won a contract to build two jack-up drill rigs, valued at $380 million from Transocean Ltd.
Neptune Orient Lines Ltd. (NOL SP), Southeast Asia’s biggest container carrier, climbed 2.8 percent to S$2.19. The company said it had a fourth-quarter net income of $177 million, compared with a loss of $211 million a year earlier. That beat the average estimate of $75 million by four analysts compiled by Bloomberg. Citigroup Inc. raised its rating on the stock to “buy” from “hold.”
Tiger Airways Holdings Ltd. (TGR SP), the discount carrier part-owned by Singapore Airlines Ltd., slumped 4.8 percent to S$1.58, heading for its lowest close since March 2010, after 18.6 million shares traded off-market today at a discount to yesterday’s close. The shares were sold at S$1.58 each, according to stock exchange data.
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