Singapore Stocks: Cosco Corp, Global Logistic, Singapore Air
Singapore’s Straits Times Index dropped 1 percent to 2,942.88 at the close. Five shares fell for each that rose in the benchmark index of 30 companies.
Shares on the measure trade at an average 13.4 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.
Bulk-shipping companies: The Baltic Dry Index (BDIY), which measures the cost of shipping commodities, fell 0.7 percent in London yesterday, taking its three-day decline to 1.5 percent. Cosco Corp. Singapore Ltd. (COS) , a China-based shipbuilder that also operates bulk carriers, dropped 2.2 percent to S$1.82. Mercator Lines (Singapore) Ltd. (MRLN SP), an Indian bulk carrier, declined 4.8 percent to 20 Singapore cents. STX Pan Ocean Co. (STX SP), South Korea’s biggest bulk shipping company, slid 1.5 percent to S$10.70.
Real-estate companies: Shares of Singapore companies with real-estate holdings in Japan declined on renewed concern that a worsening nuclear crisis may cripple the world’s third-largest economy.
Global Logistic Properties Ltd. (GLP) , the logistics company that counts Japan as its biggest market, dropped 2.7 percent to S$1.79. Mapletree Logistics Trust (MLT) , which gets about 19 percent of sales from Japan, lost 2.9 percent to 84 Singapore cents.
China Flexible Packaging Holdings Ltd. (CFLX) , a China-based maker of plastic wrapping products, slumped 10 percent to 13 Singapore cents. The company said first-quarter net income slumped to 1.08 million yuan ($164,300) from 24.86 million yuan a year ago.
Singapore Airlines Ltd. (SIA) , the world’s second-biggest carrier by market value, slipped 1.5 percent to S$13. The company has had some customers cancel trips to Tokyo and sees “strong” demand for flights from the Japanese capital amid fears of radiation leaks from crippled nuclear plants, company spokesman Nicholas Ionides said by e-mail. Singapore Air delayed the introduction of Airbus A380s, the world’s largest plane, on its Los Angeles routes, which has a stopover in Tokyo, until further notice.
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