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Singapore Stocks: Ezra, Golden Agri-Resources, Hong Leong Asia

Aug. 16 (Bloomberg) -- Singapore’s Straits Times Index dropped 1.5 percent to 2,832.73 at the close. About six stocks fell for each that rose in the index of 30 companies.

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 October delivery declined as much as 1.1 percent in Kuala Lumpur today, heading for its first drop in five days. Golden Agri-Resources Ltd. (GGR SP), the world’s second-biggest palm-oil producer by sales, lost 0.8 percent to 63.5 Singapore cents. Indofood Agri Resources Ltd. (IFAR SP), the plantation unit of Indonesia’s No. 1 noodle maker, sank 3.4 percent to S$1.265. Wilmar International Ltd. (WIL SP), the world’s biggest palm-oil processor, dropped 2.1 percent to S$5.13.

Ezra Holdings Ltd. (EZRA SP), a provider of logistics services to the oil and gas industry, surged 6.7 percent to 96 Singapore cents, the most since February 2010. The company said its EMAS AMC unit won a contract to install wellhead platforms and pipelines for Chevron Corp. in Thailand. Financial details weren’t disclosed. With this contract, EMAS AMC unit’s orderbook has exceeded $600 million, Ezra said.

Hong Leong Asia Ltd. (HLA SP), a maker of freezers and air conditioners that gets about 88 percent of sales from China, dropped 1.7 percent to S$1.75. Credit Suisse Group AG cut its rating to “neutral” from “outperform,” saying earnings in the second half will be weaker amid tighter credit policies in China.

To contact the reporter on this story: Jonathan Burgos in Singapore at jburgos4@bloomberg.net

To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net

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