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Singapore Stocks: Genting, Golden Agri, STX OSV, Swiber Holdings

Nov. 12 (Bloomberg) -- Singapore’s Straits Times Index dropped 1.3 percent to 3,252 at the close as of 5 p.m. local time. About eight stocks fell for each one that fell in the benchmark equity index of 30 companies. The gauge rose 0.4 percent this week, its second week of gains.

Shares on the measure trade at an average 15.9 times estimated earnings, compared with about 17.4 times at the beginning of the year, according to data compiled by Bloomberg.

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

Palm-oil suppliers: Crude palm-oil futures declined 1.7 percent in Kuala Lumpur today, snapping a five-day advance.

First Resources Ltd. (FR SP), an Indonesian palm-oil producer, dropped 4.1 percent to S$1.40. Golden Agri-Resources Ltd. (GGR SP), the world’s second-biggest palm-oil producer, retreated 4 percent percent to 73 Singapore cents. Indofood Agri Resources Ltd. (IFAR SP), the palm-oil unit of Indonesia’s biggest noodle maker, fell 4.6 percent to S$2.69.

Genting Singapore Plc (GENS SP), the owner of one of two casinos in the city-state, slumped 6.6 percent to S$2.13, the biggest decline since June 1. JPMorgan Chase & Co. lowered its rating on the stock to “neutral” from “overweight,” saying the company’s third-quarter earnings were “slightly disappointing.” The company said third-quarter net income was S$187.8 million ($145 million), compared with a loss of S$93.3 million a year earlier.

STX OSV Holdings Ltd. (SOH SP), a maker of offshore vessels that support operations on oil rigs, rose 2.5 percent to 81 Singapore cents on its trading debut. The company offered 325.6 million new and existing shares at 79 Singapore cents each in its initial share sale.

Swiber Holdings Ltd. (SWIB SP), an offshore logistic services provider, slipped 3.7 percent to S$1.04. The company said third-quarter net income tumbled 52 percent to $7 million from a year earlier.

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

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