March 2 (Bloomberg) -- Singapore’s Straits Times Index dropped 1.3 percent to 3,027.51 at the close. Eight stocks fell for each that rose in the benchmark index of 30 companies.
Shares on the measure trade at an average 13.9 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.
Dyna-Mac Holdings Ltd. (DMHL SP), a provider of engineering services to the oil and gas industry, jumped 7.1 percent to 37.5 Singapore cents on its trading debut. The company raised S$152.6 million ($120 million), selling 436 million shares at 35 Singapore cents each in its initial share sale.
Ezra Holdings Ltd. (EZRA SP), a provider of logistics services to the oil and gas industry, climbed 3.1 percent to S$1.67. The company said a unit won a contract, valued at $41 million, from Norway’s Statoil ASA.
Hong Leong Asia Ltd. (HLA SP), a maker of refrigerators and diesel engines in China, dropped 2.5 percent to S$2.77. The company said full-year net income slipped 5 percent to S$120.3 million.
HTL International Ltd. (HWA SP), a sofa maker, slid 1.7 percent to 58.5 Singapore cents. DMG & Partners Securities Pte cut its rating to “sell” from “neutral.”
Hyflux Ltd. (HYF SP), the Singapore company that has desalination projects in Algeria and Libya, tumbled 6.2 percent to S$1.81, prompting the Singapore exchange to ask the water treatment services provider to explain the reason for the decline. The stock has fallen 8.6 percent since saying on Feb. 23 that projects in Libya maybe delayed amid mounting political unrest in the North African nation.
Southern Packaging Group Ltd. (SPAK SP), a China-based manufacturer of packaging products, decreased 5.9 percent to 16 Singapore cents. The company said full-year net income declined 58 percent to 37.1 million yuan ($5.6 million) from a year earlier.
United Engineers Ltd. (UEM SP), an engineering company and property developer, gained 1.2 percent to S$2.46. The company said full-year net income increased 257 percent to S$186 million from the previous year.
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