June 22 (Bloomberg) -- Singapore’s Straits Times Index fell 0.4 percent to 3,042.83 at the close, having swung between gains and losses at least eight times. Two stocks dropped for each that rose in benchmark index of 30 companies.
Shares on the measure trade at an average 14 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: Golden Agri-Resources Ltd. (GGR SP), the world’s second-largest palm-oil supplier by sales, slid 0.7 percent to 67 Singapore cents, erasing gains of as much as 1.5 percent. Indofood Agri Resources Ltd. (IFAR SP), the palm-oil unit of Indonesia’s No. 1 noodle maker, decreased 2.6 percent to S$1.53. Wilmar International Ltd. (WIL SP), the world’s biggest palm-oil processor by sales, dropped 1.1 percent to S$5.32.
Crude palm-oil futures for September delivery fell as much as 0.9 percent in Kuala Lumpur today.
CapitaRetail China Trust (CRCT SP), a shopping mall operator in China, sank 2.4 percent to S$1.22. The company raised gross proceeds of about S$70 million ($57 million), selling 59.8 million shares at S$1.17 each in a private placement.
Neptune Orient Lines Ltd. (NOL SP), Southeast Asia’s biggest container carrier, slumped 3.9 percent to S$1.47. UOB-Kay Hian Holdings Ltd. lowered its rating to “sell” from “buy,” saying earnings will weaken due to falling freight rates and rising fuel costs. The brokerage cut its share-price forecast to S$1.37 from S$2.55.
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