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Singapore Stocks: Golden Agri, Noble Group, Passion Holdings

March 10 (Bloomberg) -- Singapore’s Straits Times Index dropped 0.6 percent to 3,075.44 at the close. Four stocks declined for each that rose in the benchmark index of 30 companies.

Shares on the measure trade at an average 14.1 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.

Commodity suppliers: The Thomson Reuters/Jefferies CRB Index, which tracks prices of 19 commodities from copper to corn, fell 0.2 percent in New York yesterday, extending its decline for a second day.

Noble Group Ltd. (NOBL SP), a Hong Kong-based commodities supplier, dropped 3.3 percent to S$2.06. Olam International Ltd. (OLAM SP), a Singapore-based supplier of agricultural commodities, lost 0.4 percent to S$2.70.

Palm-oil producers: Crude palm-oil futures for May delivery fell as much as 4 percent in Kuala Lumpur today.

Golden Agri-Resources Ltd. (GGR SP), the world’s second-biggest palm-oil producer, slipped 2.2 percent to 67 Singapore cents. First Resources Ltd. (FR SP), an Indonesian palm-oil producer, fell 2.3 percent to S$1.28. Indofood Agri Resources Ltd. (IFAR SP), the palm-oil unit of Indonesia’s biggest noodle maker, declined 2.6 percent to S$2.28.

Passion Holdings Ltd. (PART SP), a furniture maker, surged 24 percent to 26 Singapore cents. The company said Decorative Arts Holdings Ltd. offered to buy all of the company’s shares at 26 Singapore cents each.

TTJ Holdings Ltd. (TTJ SP), a supplier of structural steel, gained 2.6 percent to 19.5 Singapore cents. The company said first-half net income doubled to S$4.7 million from S$2.3 million.

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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