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Singapore Stocks: K-REIT Asia, Neptune Orient, Yangzijiang

Oct. 18 (Bloomberg) -- Singapore’s Straits Times Index dropped 2 percent to 2,724.69 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.

K-REIT Asia (KREIT SP) tumbled 9.7 percent to 93 Singapore cents after the office landlord announced plans to sell shares at a discount. The company said it will raise S$984 million ($776 million) selling shares to existing shareholders at 85 Singapore cents each to partially finance the acquisition of Ocean Properties Pte, owner of an office building in Singapore’s Raffles Place central business district, for S$1.57 billion from parent Keppel Land Ltd. (KPLD SP).

Midas Holdings Ltd. (MIDAS SP), a supplier of aluminum alloy profiles used in train carriages in China, slumped 8.2 percent to 39 Singapore cents. Construction work on more than 10,000 kilometers of new train lines has been suspended nationwide because of cash shortages, the China Business News reported, citing Wang Mengshu, an engineer at China Railway Group Ltd., the nation’s biggest builder of rail infrastructure.

Neptune Orient Lines Ltd. (NOL SP), Southeast Asia’s biggest container carrier, fell 3.9 percent to S$1.125. The company said average freight rates declined 19 percent in the four weeks to Sept. 23 from a year earlier even as it carried 5.4 percent more cargo over the period.

Singapore Airlines Ltd. (SIA SP), the world’s second-biggest carrier by market value, dropped 2 percent to S$11.06. The company said it filled 79.6 percent of its seats in September, down from 80.3 percent a year earlier, as growth in passenger traffic failed to keep up with a rise in capacity.

Yangzijiang Shipbuilding (Holdings) Ltd. (YZJ SP), China’s third-largest shipyard outside state control, declined 5.7 percent to 91 Singapore cents. DMG & Partners Securities Pte cut its rating on the stock to “neutral” from “buy,” saying earnings will likely peak this year and drop over the next two.

To contact the reporter on this story: Jonathan Burgos in Singapore at

To contact the editor responsible for this story: Nick Gentle at

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