Singapore Stocks: Hyflux, Noble, Venture Corp., Tiger Airways
Singapore’s Straits Times Index (FSSTI) sank 3.4 percent to 3,001.05 as of 12:19 p.m. local time, having fallen as much as 3.6 percent earlier, the most since March 2009. All stocks in the index of 30 companies dropped. The measure is poised for a 5.8 percent slump this week, the biggest weekly drop since February 2009.
Shares on the measure trade at an average 13.8 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, declined 2.8 percent in New York yesterday, extending its drop for a second day. Noble Group Ltd. (NOBL) , a Hong Kong- based supplier of energy, food and mining commodities, plunged 6.6 percent to S$1.63. Olam International Ltd. (OLAM) , a Singapore-based supplier of agricultural commodities, fell 5.3 percent S$2.51.
Hyflux Ltd. (HYF) , Singapore’s biggest water treatment company, slipped 3.6 percent to S$1.88. The company said first- half net income dropped 35 percent from a year earlier to S$21.9 million.
Tiger Airways Holdings Ltd. (TGR) , the budget carrier partly owned by Singapore Airlines Ltd. (SIA SP), tumbled 9.1 percent to S$1.045. The company said it had a first-quarter net loss of S$20.6 million, compared with S$1.9 million profit a year earlier, hurt by fuel costs and flight disruptions from volcanic ash.
Venture Corp. (VMS SP), Singapore’s biggest publicly traded provider of electronics manufacturing services provider, lost 0.8 percent to S$7.21. The company said second-quarter net income slid 8.4 percent from a year earlier to S$42 million.
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