Singapore Stocks: Amtek, Keppel, Neptune Orient Lines, Noble
Singapore’s Straits Times Index declined 2.7 percent to 2,749.35 as of 12:35 p.m. local time, set for a 3.6 percent drop this week. All except two in the index of 30 companies fell.
Morgan Stanley said it expects the MSCI Singapore Index to decrease 5 percent by end-2011, from its previous forecast of a 22 percent advance. “Singapore is likely to be the most significantly impacted by a slowdown in global growth,” the brokerage said in a note to clients.
The following shares were among the most active in the market. Stock symbols are in parentheses after the company name.
Commodity suppliers: The Thomson Reuters/Jefferies CRB Index, which tracks prices of 19 commodities from copper to corn, fell 2.3 percent in New York yesterday. Noble Group Ltd. (NOBL), a Hong Kong-based supplier of energy, food and mining commodities, slumped 5.2 percent to S$1.37. Olam International Ltd. (OLAM) , a Singapore-based supplier of agricultural commodities, tumbled 9 percent to S$2.23.
Export-related companies: Shares of electronics makers and shipping companies dropped amid deepening concern the U.S. economic recovery is slowing. The world’s biggest economy may expand less than previously forecast in 2011 and 2012 because of potential “political paralysis” and fiscal tightening steps, Citigroup Inc. wrote in a report after data yesterday showed jobless claims rose and Philadelphia-area manufacturing shrank by the most since 2009.
Amtek Engineering Ltd. (AMTK) , a supplier of precision components to companies including Sony Corp., sank 7.5 percent to 62 Singapore cents. Venture Corp. (VMS SP), Singapore’s biggest publicly traded electronics manufacturing services provider, slipped 1.8 percent to S$7.06. Neptune Orient Lines Ltd. (NOL SP), Southeast Asia’s biggest shipping line that gets more than half of revenue from the “Americas,” decreased 6 percent to S$1.025.
Oil-rig builders: The world’s biggest builders of offshore platforms declined as crude oil futures dropped for a second day on concern slower economic growth will weaken demand for the commodity. Keppel Corp. (KEP SP) dropped 4.2 percent to S$8.66. Smaller rival Sembcorp Marine Ltd. (SMM) fell 5.4 percent to S$4.00.
To contact the reporter on this story: Jonathan Burgos in Singapore at email@example.com.
To contact the editor responsible for this story: Nick Gentle at firstname.lastname@example.org.