Singapore’s Straits Times Index dropped 0.4 percent to 3,158.92 at the close. Almost two stocks fell for each that rose in the benchmark index of 30 companies.
Shares on the measure trade at an average 14.4 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.
Palm-oil producers: Crude palm-oil futures for June delivery dropped as much as 1.3 percent in Kuala Lumpur today, heading for a third day of decline.
First Resources Ltd. (FR SP), an Indonesian palm-oil producer, slipped 1.4 percent to S$1.38. Golden Agri-Resources Ltd. (GGR SP), the world’s second-biggest palm-oil producer, decreased 2.8 percent to 70 Singapore cents. Indofood Agri Resources Ltd. (IFAR SP), the palm-oil unit of Indonesia’s biggest noodle maker, declined 1.8 percent to S$2.22. Wilmar International Ltd. (WIL SP), the world’s biggest palm-oil trader, lost 0.8 percent to S$5.27.
Metro Holdings Ltd. (METRO SP), a Singapore-based retailer, climbed 2.4 percent to 86 Singapore cents. The company said it plans to divest is 50 percent stake in Beijing Huamao Property Co., owner of the MetroCity Beijing shopping mall.
Portek International Ltd. (PORT SP), the Singapore-based operator of container and multi-purpose terminals in Indonesia, Algeria, Malta and Gabon, gained 0.8 percent to 64 Singapore cents. The company said it bought a 60 percent stake in Rwanda’s main inland cargo handling facility for $5.9 million.
Singapore Press Holdings Ltd. (SPH SP), the biggest newspaper publisher in the city-state, slid 1 percent to S$3.94. The company said second-quarter net income declined 33.5 percent to S$75.4 million ($60 million) from a year earlier. OCBC Investment Research cut its rating on the stock to “hold” from “buy.”
STX Pan Ocean Co. (STX SP), South Korea’s biggest bulk carrier, slipped 1.6 percent to S$11.02. The Baltic Dry Index, which measures the cost of shipping commodities, dropped 1.3 percent in London yesterday, extending its decline for a 12th day.
Techcomp Holdings Ltd. (TCH SP), the maker of laboratory equipment, climbed 3.1 percent to 49.5 Singapore cents. The company said it is planning a dual listing on the main board of the Stock Exchange of Hong Kong Ltd.