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Singapore Stocks: CapitaMall, Interra Resources, Otto Marine

March 19 (Bloomberg) -- Singapore’s Straits Times Index dropped 0.7 percent to 2,990.09 at the close, erasing gains of as much as 0.6 percent. Two shares fell for each that rose in the 30-member gauge.

The following were among the most active shares in the market. Stock symbols are in parentheses after company names.

CapitaMall Trust (CT SP), a shopping-mall operator, gained 1.7 percent to S$1.775. RHB Capital Bhd initiated coverage of the stock with an “outperform” rating and share-price forecast of S$2.18. The company will benefit from rising consumption growth and tourist arrivals in the city-state, it said.

Interra Resources Ltd. (ITRR SP) rose 3 percent to 34 Singapore cents after the energy explorer said it completed drilling an oil production well in Myanmar.

Otto Marine Ltd. (OTML SP) climbed 5.3 percent to 14 Singapore cents after the shipbuilder said it won a contract, valued at $14.9 million to charter a vessel to a Mexican company.

STATS ChipPAC Ltd. (STAT SP), a provider of chip-testing and packaging services, dropped 0.9 percent to 53 Singapore cents. The company said first-quarter net revenue may fall between 9 percent and 11 percent compared to the previous quarter due to weaker-than-expected demand. It previously forecast a “mid single digit decrease” in net revenue.

To contact the reporter on this story: Jonathan Burgos in Singapore at jburgos4@bloomberg.net

To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net

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