Singapore Stocks: Golden Agri, Singapore Press, STX Pan Ocean
Singapore’s Straits Times Index (FSSTI) dropped 0.2 percent to 3,166.24 as of the 12:30 p.m. trading break. About three stocks fell for every two that rose in the benchmark index of 30 companies.
Shares on the measure trade at an average 14.4 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.
Palm-oil producers: Crude palm-oil futures for June delivery dropped as much as 0.7 percent in Kuala Lumpur today, heading for a third day of decline.
First Resources Ltd. (FR SP), an Indonesian palm-oil producer, slipped 0.7 percent to S$1.39. Golden Agri-Resources Ltd. (GGR) , the world’s second-biggest palm-oil producer, decreased 2.1 percent to 70.5 Singapore cents. Wilmar International Ltd. (WIL) , the world’s biggest palm-oil trader, lost 0.6 percent to S$5.28.
Portek International Ltd. (PORT) , the Singapore-based operator of container and multi-purpose terminals in Indonesia, Algeria, Malta and Gabon, gained 0.8 percent to 64 Singapore cents. The company said it bought a 60 percent stake in Rwanda’s main inland cargo handling facility for $5.9m.
Sabana Shari’ah Compliant Industrial REIT (SSREIT), the first Shariah-compliant trust to be listed in Singapore, gained 0.5 percent to 93.5 Singapore cents. The company said it appointed Tan Chiew Kian as chief financial officer to replace Eric Michael Peter Pascal, who has resigned.
Singapore Press Holdings Ltd. (SPH) , the biggest newspaper publisher in the city-state, slid 1.3 percent to S$3.93. The company said second-quarter net income declined 33.5 percent to S$75.4 million ($60 million) from a year earlier. OCBC Investment Research cut its rating on the stock to “hold” from “buy.”
STX Pan Ocean Co. (STX SP), South Korea’s biggest bulk carrier, slipped 1.6 percent to S$11.02. The Baltic Dry Index, which measures the cost of shipping commodities, dropped 1.3 percent in London yesterday, extending its decline for a 12th day.
Techcomp Holdings Ltd. (TCH) , the maker of laboratory equipment, climbed 4.2 percent to 50 Singapore cents. The company said it is planning a dual listing on the main board of the Stock Exchange of Hong Kong Ltd.
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