Dec. 8 (Bloomberg) -- Singapore’s Straits Times Index sank 2 percent to 2,728.31 at the close, the biggest decline since Nov. 10. Six stocks fell for each that rose in the benchmark gauge of 30 companies.
The following shares were among the most active in the market. Stock symbols are in parentheses after the company names.
Developers: Singapore imposed additional taxes on purchases of private residential property to curb excessive investment that may spur economic and banking-industry risks, sending some of the biggest real estate companies plunging by the most in more than two years.
CapitaLand Ltd. (CAPL SP), Southeast Asia’s biggest developer, slumped 7.3 percent to S$2.42, its steepest decline since April 2009. City Developments Ltd. (CIT SP), Singapore’s second-biggest homebuilder, tumbled 8.4 percent to S$9.18, the worst performance since October 2008. Keppel Land Ltd. (KPLD SP) decreased 8 percent to S$2.42. All three stocks are the worst performers on the MSCI Asia Pacific excluding Japan Index.
Hsu Fu Chi International Ltd. (HFCI SP), a China-based snack and candy maker, gained 2.1 percent to S$4.33. The company said Chinese regulators approved the proposed acquisition by Nestle SA, the world’s largest food company, of a 60 percent stake Hsu Fu Chi. Nestle in July offered S$2.07 billion ($1.6 billion), or S$4.35 a share, for the stake.
Singapore Airlines Ltd. (SIA SP), the world’s second-biggest carrier by market value, slipped 1.9 percent to S$10.18. The airline industry’s profit next year will fall 49 percent to $3.5 billion as the sovereign-debt crisis in Europe hurts economic growth, the International Air Transport Association said yesterday. The trade group forecast in September that global airline earnings in 2012 would total $4.9 billion.
Tiger Airways Holdings Ltd. (TGR SP), the budget carrier partly owned by Singapore Airlines, dropped 2.3 percent to 64.5 Singapore cents. The company said it and partners, including Thai Airways International Pcl and Ryanthai Ltd., decided not to proceed with setting up a venture in Thailand after failing to acquire approvals from the Thai authorities.
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