Singapore Stocks: Golden Agri, Raffles Education, Tiger Airways
Singapore’s Straits Times Index dropped 0.8 percent to 3,077.27 at the close. The gauge declined 4.2 percent this week, the worst performance since the period ending May 21. Six stocks fell for each that rose in the benchmark index of 30 companies.
Shares on the measure trade at an average 14 times estimated earnings, compared with about 15.6 times at the end of 2010, according to data compiled by Bloomberg.
The following shares were among the most active in the market. Stock symbols are in parentheses after the company name.
Palm-oil producers: Crude palm-oil futures for April delivery fell as much as 0.8 percent in Kuala Lumpur today.
Golden Agri-Resources Ltd. (GGR SP), the world’s second- biggest palm-oil producer, lost 0.7 percent to 71 Singapore cents. Wilmar International Ltd. (WIL SP), the world’s largest palm-oil trader, declined 1.1 percent to S$5.25.
Asia Pacific Breweries Ltd. (APB SP), the maker of Tiger Beer, jumped 4.2 percent to S$21.36. The company said first- quarter net income increased 65 percent to S$115.7 million ($90.3 million) from a year ago.
Bukit Sembawang Estates Ltd. (BS SP), a Singapore-based property developer, rose 1.3 percent to S$4.72. The company said third-quarter net income jumped to S$99.6 million from S$3 million a year earlier.
Raffles Education Corp. (RLS SP), the operator of fashion- design schools in Singapore, China and India, slipped 1.7 percent to 29 Singapore cents. The company said first-half net income tumbled 45 percent to S$11.5 million from a year earlier.
Tiger Airways Holdings Ltd. (TGR SP), the budget carrier backed by Singapore Airlines Ltd. (SIA SP), increased 3.6 percent to S$1.72. The company said it carried 5.9 million passengers in the 12 months to January, up 31 percent from a year earlier.
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