Dec. 14 (Bloomberg) -- Singapore’s Straits Times Index slipped 0.5 percent to 2,672.39 at the close. Almost three shares fell for each that rose in the gauge of 30 companies.
The following were among the most active shares in the market. Stock symbols are in parentheses after the company names.
Hyflux Ltd. (HYF SP), Singapore’s biggest publicly traded water utility, slumped 4.3 percent to S$1.105. Nomura Holdings Inc. cut its rating to “reduce” from “neutral,” saying the company’s earnings this year will disappoint because of lower contributions from projects in China.
Jardine Cycle & Carriage Ltd. (JCNC SP), the automotive distributor that counts Indonesia as its biggest market, sank 3 percent to S$47.84. Its subsidiary, PT Astra International (ASII IJ), Indonesia’s biggest automotive retailer, said yesterday the nation’s domestic vehicle sales fell to 67,656 units in November from 86,346 units a month earlier.
Jardine Strategic Holdings Ltd. (JS SP), the operator of supermarkets, automotive distributors and hotels, declined 1.8 percent to $28.57. UBS AG initiated coverage of the stock with a “sell” rating, saying the company’s strong fundamentals had already been priced in. Jardine Strategic has gained 5.1 percent this year through yesterday, compared with a 16 percent drop for the Straits Times Index. Jardine Matheson Holdings Ltd. (JM SP), which UBS rated as “neutral” in a new coverage, dropped 1.2 percent to $46.93.
Keppel Land Ltd. (KPLD SP), the real estate unit of Keppel Corp. (KEP SP), fell 2.6 percent to S$2.23 after buying 539.4 million K-REIT Asia Trust shares for S$458.5 million ($351 million). K-REIT lost 2.4 percent to 82.5 Singapore cents.
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