Singapore Stocks Retreat for First Time in Six Days; SGX Gains

Singapore’s Straits Times Index (FSSTI) fell for the first time in six days, losing 0.8 percent to 3,129.69. Three stocks declined for every one that rose in the equity benchmark.

The index trades at 14.4 times estimated earnings, compared with a multiple of 15.6 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.

Kim Eng Holdings Ltd. (KEH) shares were suspended from trading on the Singapore stock exchange. The securities broker has been taken over by Malayan Banking Bhd., which controls 91.17 percent of its shares after an offer closed yesterday, it said.

Singapore Exchange Ltd. (SGX) advanced 0.3 percent to S$7.65. The bourse operator said its securities and derivatives trading increased in June from a year earlier. Total turnover rose 8 percent year-on-year, while the total volume for derivatives trading increased 17 percent, the company said.

Singapore Technologies Engineering Ltd. (STE) dropped 0.7 percent to S$2.99. Asia’s largest aircraft-maintenance company by sales said it wants to expand its presence in the U.S. to make up for slower growth in Europe. Sales to Europe- based customers fell 17 percent last year, the only of its four geographic regions to post a decline, the Singapore-based company said in its earnings statement for 2010.

To contact the reporter on this story: Lynn Thomasson in Hong Kong at lthomasson@bloomberg.net.

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

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