Singapore’s Straits Times Index dropped 2.5 percent to 2,786.90 at the close, the most since Oct. 4. Nine 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 names.
Mandarin Oriental International Ltd. (MAND SP), the operator of luxury hotels from Tokyo to San Francisco, dropped 4.8 percent to $1.495. The company said its earnings have been affected by losses in Tokyo, where occupancy levels haven’t recovered from the March earthquake.
Midas Holdings Ltd. (MIDAS SP), a supplier of aluminum alloy profiles used in train carriages in China, slumped 6.2 percent to 38 Singapore cents. The company said it expects a “significant drop” in third-quarter net income due to a decline in revenue, an increase in operating expenses and losses at a Chinese unit.
Noble Group Ltd. (NOBL SP), a Hong Kong-based commodity supplier, tumbled 26 percent to S$1.18, the most since September 1998. The shares plunged as Chief Executive Officer Ricardo Leiman quit after the supplier of energy, food and mining commodities reported its first loss in about 14 years.
Singapore Telecommunications Ltd. (ST SP), Southeast Asia’s biggest phone company, rose 0.6 percent to S$3.18, erasing losses of as much as 1.3 percent, after posting second-quarter profit that fell less than analysts had predicted. “There is hope we have seen the worst,” said Theo Maas, who holds SingTel stock among the $5.4 billion he helps manage at Arnhem Investment Management Pty. in Sydney.
Venture Corp. (VMS SP), Singapore’s biggest listed electronics manufacturing services provider, slid 2 percent to S$6.83 after saying third-quarter net income declined 27 percent from a year earlier to S$35.4 million.
Wilmar International Ltd. (WIL SP), the world’s biggest palm-oil processing company, sank 3.5 percent to S$5.17 after OCBC Investment Research lowered its rating to “sell” from “hold,” saying there are more downside risks given prevailing macroeconomic uncertainties. HSBC Holdings Plc cut its rating on Wilmar to “underweight” from “neutral.”