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Singapore Stocks: Cosco, Hyflux, Olam, SATS, ST Engineering

Dec. 20 (Bloomberg) -- Singapore’s Straits Times Index declined 0.6 percent to 3,132.96 at the close. Three stocks fell for each that rose in benchmark equity index of 30 companies.

Shares on the measure trade at an average 15.2 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.

Bulk-shipping companies: The Baltic Dry Index, which measures the cost of shipping commodities, fell 1.4 percent in London on Dec. 17, extending its nine-day drop to 8.3 percent.

Cosco Corp. Singapore Ltd. (COS SP), a China-based shipbuilder that also operates bulk carriers, slumped 3.8 percent to S$2.03. STX Pan Ocean Co. (STX SP), South Korea’s biggest bulk carrier, declined 1.9 percent to S$13.22.

Hyflux Ltd. (HYF SP), Singapore’s biggest publicly traded provider of water treatment services, sank 4.2 percent to S$2.30. Daiwa Securities Group Inc. lowered its share-price forecast to S$2.03 from S$3.04 and maintained its “under-perform” rating on the stock.

Olam International Ltd. (OLAM SP), a supplier of agricultural commodities, fell 0.7 percent to S$3.04. Cocoa stockpiles in port cities and “up country” in the Ivory Coast have built “significantly” as exports are delayed amid civil unrest, Amit Suri, director of cocoa trading at Olam Europe Ltd. in London, said in an e-mail.

SATS Ltd. (SATS SP), a ground-handling services provider partly owned by Temasek Holdings Pte, increased 1.8 percent to S$2.84. The company said it completed the acquisition of a 50.7 percent stake in TFK Corp., the in-flight catering unit of Japan Airlines Corp., for S$122 million ($92.5 million).

Singapore Technologies Engineering Ltd. (STE SP), Asia’s biggest aircraft maintenance company, rose 0.6 percent to S$3.25. The company said it won contracts, valued at S$110 million, from the Bangkok Mass Transit System, U.K. Ministry of Defence and the Australian navy.

To contact the reporter on this story: Jonathan Burgos in Singapore at

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

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