Breaking News

GE Beats Estimates by One Cent and Reaffirms Its 2014 Forecast

Singapore Stocks: Hong Fok, Hongkong Land Holdings, OCBC, UOB

Singapore’s Straits Times Index (FSSTI) lost 1 percent to 2,646.35 at the close, with all but five stocks falling in the 30-member gauge. The index extended its yearly drop to 17 percent, its first annual decline since 2008.

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

Hong Fok Corp. (HFC) , a Singapore-based developer, sank 3.6 percent to 40.5 Singapore cents. The company borrowed S$723 million in a two-part loan, according to data compiled by Bloomberg. The loan consists of a term facility of S$673 million ($518 million) and a revolving credit facility of S$50 million. Oversea-Chinese Banking Corp. (OCBC) and United Overseas Bank Ltd. (UOB) helped arrange the loan and most of the proceeds will be used to refinance debt, the data show. OCBC slid 0.6 percent to S$7.83. UOB retreated 1.7 percent to S$15.27.

Hongkong Land Holdings Ltd. (HKL) , a developer that gets 70 percent of its revenue from Hong Kong, Macau and mainland China, slid 0.9 percent to S$4.54. China Securities Journal reported more cities in China are extending property curbs into next year, citing Centaline Property Agency.

To contact the reporter on this story: Kana Nishizawa in Hong Kong at

To contact the editor responsible for this story: Nick Gentle at

Bloomberg reserves the right to edit or 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.