Singapore’s Straits Times Index declined 1.3 percent to 3,113.76 at the close, its lowest since March 31. All but two stocks in the benchmark index of 30 companies fell.
Shares on the measure trade at an average 14.3 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.
Oil-rig builders: The world’s biggest builder of oil exploration and production platforms declined as crude oil futures fell for a third day on concern demand will weaken as stockpiles rise in the U.S., the world’s biggest consumer of the commodity.
Keppel Corp. (KEP SP), the world’s largest maker of oil rigs, declined 1.9 percent to S$11.48. Smaller rival Sembcorp Marine Ltd. (SMM SP) slipped 1.6 percent to S$5.46.
Genting Singapore Plc (GENS SP), operator of one of two casino resorts in the city-state, dropped 1.9 percent to S$2.08 after rival Las Vegas Sands Corp. posted first quarter earnings that missed estimates and showed cash flow from Singapore fell from the previous three months. That will likely have “negative implications” for Genting, Kuala Lumpur-based Wai Kee Choong, an analyst at Nomura Holdings Inc., wrote in a note to clients. Genting will announce its first-quarter results on May 12.
Indofood Agri Resources Ltd. (IFAR SP), the palm-oil unit of Indonesia’s biggest noodle maker, added 1.5 percent to S$2.05. DMG & Partners Securities Pte maintained its “buy” rating and raised its share-price forecast to S$2.79 from S$2.67.
Neptune Orient Lines Ltd. (NOL SP), Southeast Asia’s biggest container carrier, fell 1.1 percent to S$1.83. The company said average freight rates in the four weeks to April 8 fell 2 percent from a year earlier even as it handled 12 percent more cargo.