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Singapore Stocks: CapitaLand, Financial One, United Industrial

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Dec. 23 (Bloomberg) -- Singapore’s Straits Times Index fell 0.2 percent to 3,137.78 at the close. Three stocks dropped for each that climbed in the benchmark equity index of 30 companies.

Shares on the measure trade at an average 15.3 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.

China-linked developers: China increased land supply this year and stepped up the scrutiny of real estate investments by foreign companies as it rolls out more measures to contain 18 months of gains in property prices. China’s land supply rose 48 percent to 128,200 hectares in the first 11 months, while sites for residential developments surged 51 percent, the Land and Resources Ministry said in a statement.

CapitaLand Ltd. (CAPL SP), which counts on China for about a fifth of its sales, declined 0.3 percent to S$3.64. City Developments Ltd. (CIT SP), which this week announced its first land purchase in Chongqing, China, lost 1.3 percent to S$12.54.

Palm-oil producers: Crude palm-oil futures for March delivery climbed for a fourth day in Kuala Lumpur today.

Global Palm Resources Holdings Ltd. (GPR SP) jumped 1.5 percent to 34.5 Singapore cents. First Resources Ltd. (FR SP), an Indonesian palm plantation company, advanced 0.7 percent to S$1.48.

Financial One Corp. (FIN SP), the provider of financial services, surged 20 percent to 50.5 Singapore cents. The company said Executive Chairman Andre John-Lee Koo is offering to buy out minority shareholders at 48.5 Singapore cents a share as part of a proposed voluntary delisting.

United Industrial Corp. (UIC SP), the owner of office buildings and shopping malls in Singapore, advanced 0.8 percent to S$2.43. Developer UOL Group Ltd. (UOL SP) said it agreed to buy a 9.7 percent stake in United Industrial Corp. for S$320.5 million from United Overseas Bank Ltd. (UOB SP), raising its stake to 42 percent from 32.3 percent. UOL Group fell 1.7 percent to S$4.54, and UOB lost 0.3 percent to S$17.82.

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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