Feb. 21 (Bloomberg) -- Singapore’s Straits Times Index slipped 0.5 percent to 3,070.60 at the close. Almost two stocks dropped for each that rose in the benchmark index of 30 companies.
Shares on the measure trade at an average 14 times estimated earnings, compared with about 15.6 times at the end of 2010, 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.
Chinese developers: China’s central bank on Feb. 18 raised reserve requirements for lenders 10 days after boosting interest rates as Premier Wen Jiabao tackles accelerating inflation and the risk of asset bubbles in the fastest-growing major economy.
Yanlord Land Group Ltd. (YLLG SP), which gets all its revenue from China, declined 3.3 percent to S$1.48. Guocoland Ltd. (GUOL SP), a real-estate company that counts China as its biggest market, lost 2 percent to S$2.49.
CapitaLand Ltd. (CAPL SP), Southeast Asia’s biggest developer that gets about 26 percent of sales from China, dropped 0.9 percent to S$3.36. The company said today it and partners will develop 7,800 homes in the southern Chinese city of Guangzhou.
Hyflux Ltd. (HYF SP), a Singapore-based company that has water desalination projects in Algeria and Libya, decreased 5 percent to S$2.10, the most since May. The company said it is “closely monitoring the situation in Libya” and that construction of its desalination plant in the county hasn’t started.
Tensions in the Middle East mounted as Arab governments are cracking down on pro-democracy activists after uprisings that toppled leaders in Tunisia and Egypt spread to Libya, Algeria, Yemen and Bahrain.
Oceanus Group Ltd. (OCNUS SP), the world’s largest operator of abalone farms, slumped 12 percent to 25 Singapore cents. The company said it expects to post a fourth-quarter net loss.
Otto Marine Ltd. (OTML SP), a Singapore-based shipbuilder, tumbled 8.3 percent to 27.5 Singapore cents. DMG & Partners Securities Pte lowered its rating to “sell” from “neutral,” while CIMB Group Holdings Bhd. cut its recommendation to “underperform” from “neutral.”
Raffles Medical Group Ltd. (RFMD SP), a Singapore-based hospital operator, gained 0.9 percent to S$2.16. The company said full-year net income climbed 20 percent to S$45.3 million ($35.6 million). Separately, Raffles Medical said it bought a property in Singapore for S$92 million. A specialist medical centre will be established on the site, it said.
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