Singapore Stocks: CapitaLand, Noble, Tiger Airways, Yangzijiang
Singapore’s Straits Times Index sank 2.9 percent to 2,743.58 at the close, the biggest decline since Aug. 19. All but one stock in the index of 30 companies dropped.
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, dropped 1.7 percent in New York on Sept. 9, its first decline in three days.
Noble Group Ltd. (NOBL) , a Hong Kong-based supplier of energy, food and mining commodities, tumbled 6.3 percent to S$1.50. Olam International Ltd. (OLAM) , a Singapore-based supplier of agricultural commodities, fell 2.9 percent to S$2.37.
Developers: UOB-Kay Hian Holdings Ltd. said it is maintaining its “market weight” rating on property stocks. Home prices will fall between eight percent and 10 percent in the next year amid a deteriorating macroeconomic environment, the investment company said.
CapitaLand Ltd. (CAPL) , Southeast Asia’s biggest developer by market value, slumped 4.9 percent to S$2.51. City Developments Ltd. (CIT) , Singapore’s second-largest homebuilder, dropped 3.4 percent to S$9.81. Keppel Land Ltd. (KPLD) , the real estate unit of Keppel Corp. (KEP SP), declined 2.7 percent to S$2.87.
Tiger Airways Holdings Ltd. (TGR) , the budget carrier partly-owned by Singapore Airlines Ltd. (SIA SP), lost 1.1 percent to 91 Singapore cents. The company said it filled 76 percent of its seats in August, compared with 85 percent a year earlier as it transported 22 percent fewer passengers during the period. Separately, Andrew David has been appointed chief executive officer of Tiger Airways Australia Pty Ltd., it said.
Yangzijiang Shipbuilding Holdings Ltd. (YZJ) : China’s third-largest shipyard outside state control declined 3.3 percent to S$1.015. Kim Eng Holdings Ltd. lowered its rating on the stock to “hold” from “buy,” saying the outlook for shipbuilding orders has become increasingly negative amid global economic uncertainty.
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