Singapore’s Straits Times Index dropped 3.5 percent to 2,531.02 at the close. All but three stocks in the index of 30 companies declined.
The following shares were among the most active in the market. Stock symbols are in parentheses after the company names.
Airlines: Growth in global air travel slowed in August and a freight decline deepened as business and consumer confidence waned amid concern that economies may slide into recession, the International Air Transport Association said yesterday. “With business and consumer confidence continuing to slump, there is not a lot of optimism for improved conditions anytime soon,” IATA Chief Executive Officer Tony Tyler said.
Singapore Airlines Ltd. (SIA SP), the world’s second-biggest carrier by market value, dropped 2.3 percent to S$10.97. Tiger Airways Holdings Ltd. (TGR SP), which is partly owned by Singapore Air, slumped 8.8 percent to 66 Singapore cents.
Commodity suppliers: The Thomson Reuters/Jefferies CRB Index, which tracks prices of 19 commodities from copper to corn, slid 0.6 percent in New York yesterday, extending its fall for a second day.
Noble Group Ltd. (NOBL SP), a Hong Kong-based supplier of energy, food and mining commodities, fell 5.9 percent to S$1.205 today. Olam International Ltd. (OLAM SP), a Singapore-based supplier of agricultural commodities, lost 2.7 percent to S$2.17.
Singapore Exchange Ltd. (SGX SP), operator of the city’s bourse, slipped 4.1 percent to S$6.14. DBS Group Holdings Ltd. said it cut its rating on the stock to “fully valued” from “buy,” saying trading volumes are unlikely to recover because of global economic uncertainty.
Stamford Land Corp. (STL SP), a Singapore-based real-estate company, surged 8.7 percent to 50 Singapore cents. The company said it signed a deal for the sale and leaseback of three hotel properties in Australia at an indicative price of A$316 million ($301 million).
STX Pan Ocean Co. (STX SP), South Korea’s biggest bulk carrier, dropped 3 percent to S$8.32. The stock plunged as much as 90 percent during morning trade as a result of a trading error, Singapore Exchange spokeswoman Carolyn Lim said. “The issue has since been resolved,” she said.