Singapore Stocks: Genting, Midas, Noble Group, Yanlord Land
Singapore’s Straits Times Index dropped 0.5 percent to 3,097.35 at the close. Almost two stocks fell for each that rose on the 30-member gauge.
Shares on the measure trade at an average 15.2 times estimated earnings, compared with about 17.4 times at the beginning of the year, according to data compiled by Bloomberg.
The following shares were among the most active in the market. Stock symbols are in parentheses after company names.
Genting Singapore Plc (GENS SP), owner of one of two casino resorts in the city-state, declined 3.5 percent to S$1.95. The company said its president and chief operating officer, Tan Hee Teck, sold 900,000 shares at S$2.05 each in the open market. Tan continues to hold 1.15 million Genting shares after the sale.
Midas Holdings Ltd. (MIDAS SP), a supplier of aluminum extrusion profiles used in train carriages, decreased 3.5 percent to 96 Singapore cents. The company said its initial share sale in Hong Kong was priced at HK$5.43 apiece, the equivalent of 92.5 Singapore cents. Midas, whose trading was suspended earlier today, resumed trading at 4:00 p.m. local time.
Noble Group Ltd. (NOBL SP), a Hong Kong-based commodities supplier, slipped 2.1 percent to S$1.87. OCBC Investment Research cut its rating on the stock to “hold” from “buy.”
Olam International Ltd. (OLAM SP), the Singapore-based commodities trader, increased 1.3 percent to S$3.22. Merging with Louis Dreyfus Commodities is the “desired outcome” of ongoing talks for a tie-up with the world’s largest rice and cotton trader continue, Olam Chief Executive Officer Sunny Verghese said today in an interview in Sydney.
Yanlord Land Group Ltd. (YLLG SP), a China-based developer, fell 2.8 percent to S$1.73. The Chinese government will announce a new round of property tightening measures “soon,” targeting second- and third-home loans, China Business News reported today, without citing anyone.
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