Singapore Stocks: CapitaLand, Hsu Fu Chi, Singapore Airlines

Singapore’s Straits Times Index declined 1.7 percent to 2,736.10 as of 10:20 a.m. local time. Eight stocks fell for each that rose in the benchmark gauge of 30 companies.

The following shares were among the most active in the market. Stock symbols are in parentheses after the company names.

Developers: Singapore imposed additional taxes on purchases of private residential property to curb excessive investment that may spur economic and banking-industry risks, sending shares of real estate companies plunging by the most in more than two years.

CapitaLand Ltd. (CAPL) , Southeast Asia’s biggest developer, slumped 6.9 percent to S$2.43, heading for its biggest decline since April 2009. City Developments Ltd. (CIT) , Singapore’s second-biggest homebuilder, tumbled 7.4 percent to S$9.28, poised for its worst performance since September 2009. Keppel Land Ltd. (KPLD) decreased 7.6 percent to S$2.43.

Hsu Fu Chi International Ltd. (HFCI) , a China-based snack and candy maker, gained 2.4 percent to S$4.34. The company said Chinese regulators approved the proposed acquisition by Nestle SA, the world’s largest food company, of a 60 percent stake Hsu Fu Chi. Nestle in July offered S$2.07 billion ($1.6 billion), or S$4.35 a share, for the stake.

Singapore Airlines Ltd. (SIA) , the world’s second- biggest carrier by market value, slipped 1.4 percent to S$10.24. The airline industry’s profit next year will fall 49 percent to $3.5 billion as the sovereign-debt crisis in Europe hurts economic growth, the International Air Transport Association said yesterday. The trade group forecast in September that global airline earnings in 2012 would total $4.9 billion.

Tiger Airways Holdings Ltd. (TGR) , the budget carrier partly owned by Singapore Airlines, dropped 2.3 percent to 64.5 Singapore cents. The company said it and partners, including Thai Airways International Pcl and Ryanthai Ltd., decided not to proceed with setting up a venture in Thailand after failing to acquire approvals from the Thai authorities.

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

To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.