Singapore Stocks: Perennial Trust, Singapore Air, STX Pan Ocean

Singapore’s Straits Times Index fell 0.2 percent to 3,097.57, its lowest close since March 30. Two stocks dropped for each that rose in the benchmark index of 30 companies.

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.

Perennial China Retail Trust (PCRT SP), the owner of shopping malls in China, tumbled 13 percent to 61 Singapore cents in its first day of trading. The company raised gross proceeds of S$776.2 million ($630.3 million) by selling shares at 70 Singapore cents each in its initial share sale.

Singapore Airlines Ltd. (SIA SP), the world’s second-biggest airline by market value, climbed 1.6 percent to S$14.22. UOB-Kay Hian Holdings Ltd. raised its rating on the stock to “buy” from “hold.”

STX Pan Ocean Co. (STX SP), South Korea’s biggest bulk carrier, dropped 2.3 percent to S$8.56. The Baltic Dry Index, a measure of commodity shipping costs, fell 1.5 percent in London yesterday, extending its decline to a third day.

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