Singapore’s Straits Times Index fell 0.3 percent to 3,099.52 at the close. The gauge dropped 2.5 percent this week, its worst weekly performance since the period ended March 18. About three stocks dropped for every two that rose in the benchmark index of 30 companies.
Shares on the measure trade at an average 14.2 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.
Transport companies: Shipping and airline companies gained as oil fell for a fifth day, heading for its biggest weekly decline since December 2008 after reports indicated economic weakness in the U.S. and Europe.
Neptune Orient Lines Ltd. (NOL SP), Southeast Asia’s biggest container carrier, advanced 1.7 percent to S$1.84. Singapore Airlines Ltd. (SIA SP), the world’s second-largest airline by market value, increased 2.6 percent to S$14.38. Tiger Airways Holdings Ltd. (TGR SP), the low-cost carrier partly owned by Singapore Air, gained 2.7 percent to S$1.53.
China Aviation Oil (Singapore) Corp. (CAO SP), the nation’s biggest supplier of jet fuel, rose 0.8 percent to S$1.30. The company said first-quarter net income increased 67 percent from a year earlier to $21.5 million.
Hyflux Ltd. (HYF SP), Singapore’s biggest water-treatment company, jumped 4 percent to S$2.06. The company said first-quarter net income climbed 15 percent from a year earlier to S$7.4 million.
Kim Eng Holdings Ltd. (KEH SP), a Singapore-based brokerage, added 0.3 percent to S$3.08. Malayan Banking Bhd. (MAY MK), Malaysia’s biggest lender by assets, said it will offer S$3.10 for the rest of Kim Eng that it doesn’t own. Maybank agreed in January to buy a 44.6 percent stake in Kim Eng from Taiwan’s Yuanta Securities Asia Financial Services Ltd. and Kim Eng Chairman Ronald Ooi at the same price.
PCI Ltd. (PCI SP), a maker of printed circuit boards and cordless phones, fell 2 percent to 50 Singapore cents. Chuan Hup Holdings Ltd. (CH SP), an operator of vessels used in the oil and coal mining industries, offered to buy the rest of PCI it does not own for 50 Singapore cents each. Chuan Hup said it holds about 42 percent of PCI.
United Overseas Bank Ltd. (UOB SP), Singapore’s third-largest lender by market value, fell 1.6 percent to S$18.80. The bank reported first-quarter net profit was S$612 million. That compares with S$612.2 million average estimate by five analysts compiled by Bloomberg.