Singapore’s Straits Times Index sank 1.4 percent to 2,671.59 as of 12:55 p.m. local time, erasing gains of as much as 0.5 percent. All but two stocks dropped in the 30-member index, which is poised for a 1 percent decline this week.
The gauge is headed for a 7.5 percent drop this month, extending a quarterly slump to 14 percent, the most since December 2008.
The following shares were among the most active in the market. Stock symbols are in parentheses after the company name.
Chinese shipyards: China-based shipbuilders listed in Singapore fell as a report by the National Development and Reform Commission showed new orders for Chinese shipyards in August declined 60 percent from a year earlier.
Cosco Corp. Singapore Ltd. (COS SP), the shipbuilding unit of China’s biggest shipping company, dropped 1.6 percent to 92.5 Singapore cents. Yangzijiang Shipbuilding Holdings Ltd. (YZJ) , China’s third-largest shipyard outside state control, decreased 3.2 percent to 90 Singapore cents.
CapitaMalls Asia Ltd. (CMA) , owner of shopping malls in Singapore, Japan, China, India and Malaysia, gained 1.7 percent to S$1.22. CapitaMalls said today it will start trading its shares in Hong Kong on Oct. 18 as it seeks to grow investments in China.
Koon Holdings Ltd. (KNH) , a construction company, surged 11 percent to 24.5 Singapore cents. The company said it won contracts, valued at S$54 million, to supply precast concrete to a public housing project and a private industrial development.
Swiber Holdings Ltd. (SWIB) , a provider of offshore logistic services, gained 2 percent to 51 Singapore cents. The company said it won contracts, valued at $69 million, for the installation of subsea pipeline and vessel chartering.
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