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Keppel Corp., PEC, Singapore Airlines: Singapore Stocks Preview

The following companies may have unusual price changes in Singapore trading today. Stock symbols are in parentheses and share prices are from the previous close.

Singapore’s Straits Times Index dropped 2 percent to 2,621.40.

Airlines: Growth in global air travel slowed in August and a freight decline deepened as business and consumer confidence waned amid concern that economies may slide into recession, the International Air Transport Association said yesterday. “With business and consumer confidence continuing to slump, there is not a lot of optimism for improved conditions anytime soon,” IATA Chief Executive Office Tony Tyler said.

Singapore Airlines Ltd. (SIA) , the world’s second- biggest carrier by market value, dropped 1.8 percent to S$11.23. Its unit Tiger Airways Holdings Ltd. (TGR) declined 4.8 percent to 72.33 Singapore cents.

Ascendas Real Estate Investment Trust (AREIT) : Singapore’s biggest industrial property trust said it agreed to buy Ascendas Z-Link, an industrial park in Beijing, China, for 300 million yuan ($47 million) from units of Ascendas Pte, which holds a 19 percent stake in Ascendas REIT. The stock lost 0.5 percent to S$2.02.

Keppel Corp. (KEP SP): The world’s biggest builder of oil platforms said its Keppel FELS Ltd. unit received an order, valued at $199 million, to build a jack-up rig for Safin Gulf FZCO. Keppel slid 3.6 percent to S$7.47.

PEC Ltd. (PEC) : The provider of engineering services to the oil, gas and pharmaceutical industries said it won contracts, valued at S$45 million. PEC fell 3.9 percent to 74.5 Singapore cents.

Stamford Land Corp. (STL SP): The Singapore-based real- estate company said it signed a deal for the sale and leaseback of three hotel properties in Australia at an indicative price of A$316 million ($304 million). The stock fell 3.2 percent to 46 Singapore cents.

To contact the reporter on this story: Jonathan Burgos in Singapore at jburgos4@bloomberg.net.

To contact the editor responsible for this story: John McCluskey at j.mccluskey@bloomberg.net.

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