Singapore Stocks: City Developments, Longcheer, Overseas Union

Singapore’s Straits Times Index (FSSTI) fell 0.3 percent to 3,144.38 at the close. About eight stocks fell for every five that advanced on the benchmark index of 30 companies.

Shares on the measure trade at an average 14.4 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.

City Developments Ltd. (CIT) , Singapore’s second-biggest developer, increased 0.3 percent to S$11.64. The company said its South Beach Consortium Pte has secured S$1.6 billion ($1.28 billion) of financing for its South Beach project.

Longcheer Holdings Ltd. (LHL) , a China-based mobile phone designer, tumbled 17 percent to 26.5 Singapore cents. The company said it expects lower third-quarter revenue, lower gross profit margins from competition, and higher operating expenses because of labor costs in developing new products.

Overseas Union Enterprise Ltd. (OUE) , a Singapore-based hotel operator, rose 2.2 percent to S$3.23. The company said it will buy the Crowne Plaza Changi Airport Hotel for S$250 million. OUE will also buy an adjacent block of land for S$43 million and build a 200-room Holiday Inn Express. The acquisition will boost the number of hotel rooms it has in Singapore to as much as 2,146 from 1,626 now, OUE said.

To contact the reporters on this story: Kana Nishizawa in Tokyo at knishizawa5@bloomberg.net.

To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net.

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