Singapore’s Straits Times Index dropped 0.9 percent to 2,653.75 as of 11:15 a.m. local time. Just one share advanced in the index of 30 companies. The gauge is heading for its fourth straight week of decline.
The following shares were among the most active in the market. Stock symbols are in parentheses after the company names.
China developers: China’s housing market remains challenging as developers offer more discounts to lure buyers, Joy Wang, a Singapore-based analyst at JPMorgan Chase & Co., wrote in a note clients after visiting CapitaLand (CAPL) Ltd.’s projects in the mainland.
CapitaLand (CAPL), Southeast Asia’s biggest developer, slipped 2 percent to S$2.43. Yanlord Land Group Ltd. (YLLG) , a China-based developer, fell 1.8 percent to S$1.065. Guocoland Ltd. (GUOL) , a Singapore-based developer that counts China as its biggest market, declined 2.4 percent to S$1.60.
Palm-oil producers: Crude palm-oil futures for February delivery decreased as much as 0.9 percent in Kuala Lumpur today, heading for its fifth day of decline.
Wilmar International Ltd. (WIL) , the world’s largest palm-oil processor, slid 1.4 percent to S$4.99. Golden Agri- Resources Ltd. (GGR SP), the world’s second-biggest palm-oil producer by sales, slid 0.8 percent to 66.5 Singapore cents.
Marco Polo Marine Ltd. (MPM) , a shipping and shipbuilding company, lost 1.5 percent to 33 Singapore cents after reporting a 9 percent decline in full-year net income to S$17.3 million ($13.2 million).
Singapore Airlines Ltd. (SIA) , the world’s second- biggest carrier by market value, dropped 1.4 percent to S$10.11. Major Asian airports continued to post declines in air freight handled last month, with Hong Kong reporting a 10 percent decline from a year earlier and Tokyo slumping 11 percent, according to data compiled by Bloomberg News.
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