Singapore Stocks: City Developments, Golden Agri, Venture Corp.

Singapore’s Straits Times Index (FSSTI) dropped 0.6 percent to 3,048.28 at the close. Six stocks fell for each that rose in the benchmark index of 30 companies.

Shares on the measure trade at an average 14 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.

Commodity suppliers: The Thomson Reuters/Jefferies CRB Index, which tracks prices of 19 commodities from copper to corn, lost 0.1 percent in New York on June 24, extending its decline for a third day. Noble Group Ltd. (NOBL) , a Hong Kong-based supplier of energy, food and mining commodities, dropped 0.5 percent to S$1.94. Olam International Ltd. (OLAM) , a Singapore-based supplier of agricultural commodities, slid 0.4 percent to S$2.72.

Palm-oil producers: Crude palm-oil futures for September delivery dropped as much as 1.5 percent in Kuala Lumpur today, heading for its fourth straight day of decline. First Resources Ltd. (FR) , an Indonesian palm-oil supplier, lost 0.7 percent to S$1.40. Golden Agri-Resources Ltd. (GGR) , the world’s second-biggest palm-oil producer by sales, slipped 0.7 percent to 67.5 Singapore cents. Kencana Agri Ltd. (KAGR) , the owner of plantations in Indonesia, decreased 2.5 percent to 39 Singapore cents.

Real Estate Companies: Property developers are unlikely to “outperform” because of the risk the government will introduce additional measures to curb housing prices, according to a note sent by Citigroup Inc. to clients.

City Developments Ltd. (CIT) , Singapore’s second-biggest developer by market value, declined 1.3 percent to S$10.46 after its rating was cut to “hold” from “buy” at Citigroup. Keppel Land Ltd. (KPLD) , the real estate unit of Keppel Corp. (KEP SP), dropped 1.1 percent to S$3.61 after its rating was lowered to “sell” from “hold.”

Venture Corp. (VMS SP), Singapore’s biggest publicly traded electronics manufacturing services provider, fell 0.7 percent to S$8.49. OCBC Investment Research cut its share-price forecast to S$10.59 from S$12.10, saying orders are picking up more slowly than anticipated.

To contact the reporter on this story: Jonathan Burgos in Singapore at

To contact the editor responsible for this story: Nick Gentle at

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