Singapore’s Straits Times Index dropped 1.1 percent to 2,743.08 as of 12:23 p.m. local time. More than six stocks fell for each that rose in the index of 30 companies.
The following shares were among the most active in the market. Stock symbols are in parentheses after the company name.
Oil-rig builders: Shares of the world’s biggest makers of oil exploration platforms fell after crude oil futures extended declines in New York as investors speculated that signs of a weakening U.S. economy and increasing crude stockpiles indicate fuel demand will falter in the world’s biggest consumer of the commodity.
Keppel Corp. (KEP SP), the world’s biggest maker of oil rigs slid 2 percent to S$8.49. Smaller rival Sembcorp Marine Ltd. (SMM) dropped 1.3 percent to S$3.76.
Ezra Holdings Ltd. (EZRA) , a provider of logistics services to the oil and gas industry, slid 1.1 percent to 91 Singapore cents. The company said it is planning to issue perpetual capital securities denominated in Singapore dollars.
Genting Singapore Plc (GENS) , the owner of one of two casino resorts in the city-state, decreased 1.3 percent to S$1.54. Nomura Holdings Inc. lowered its share-price forecast by 18 percent to S$1.41 and maintained its “reduce” rating on the stock, saying slowing economic growth will crimp earnings.
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