Singapore Stocks: Golden Agri-Resources, Olam, STX Pan Ocean
Singapore’s Straits Times Index (FSSTI) declined 0.7 percent to 3,138 at the close. More than twice as many stocks fell as rose in the benchmark index of 30 companies.
Shares on the measure trade at an average 14.3 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 June delivery dropped in Kuala Lumpur today, its first loss in three days.
Golden Agri-Resources Ltd. (GGR) , the world’s second- biggest palm-oil producer, decreased 2.8 percent to 70.5 Singapore cents. Indofood Agri Resources Ltd. (IFAR) , the palm-oil unit of Indonesia’s biggest noodle maker, slipped 2.2 percent to S$2.25. Wilmar International Ltd. (WIL) , the world’s biggest palm-oil trader, lost 1.3 percent to S$5.23.
Olam International Ltd. (OLAM) , a supplier of agricultural commodities, climbed 2.8 percent to S$2.95. The company said Tata Chemicals Ltd. (TTCH IN) will invest $290 million in Olam’s urea manufacturing project in Gabon. The Indian company will hold a 25.1 percent stake in project, while Olam’s stake will be reduced to 62.9 percent and the Republic of Gabon’s interest will be cut to 12 percent, Olam said.
STX Pan Ocean Co. (STX SP), South Korea’s No. 1 bulk carrier, dropped 0.7 percent to S$11.20. Citigroup Inc. cut its rating on the stock to “hold” from “buy.”
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