Singapore Stocks: Asia Environment, Neptune, Overseas Union
Singapore’s Straits Times Index dropped 1.6 percent to 2,719.90 at the close, the lowest since June 2010. Almost three stocks fell for each that rose in the index of 30 companies.
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 November delivery declined as much as 1 percent in Kuala Lumpur today, heading for its first drop in three days. Golden Agri-Resources Ltd. (GGR) , the world’s second-biggest palm-oil producer by sales, sank 3.1 percent to 62.5 Singapore cents. Wilmar International Ltd. (WIL) , the world’s largest palm-oil processor, decreased 1 percent to S$5.04.
Asia Environment Holdings Ltd. (AENV) , a provider of waste-water treatment services, surged 31 percent to 29.5 Singapore cents. The company said Ciena Enterprises Ltd., which is owned by chief executive officer Wang Hongchun, is offering 30 Singapore cents for the rest of Asia Environment.
Neptune Orient Lines Ltd. (NOL SP), the shipping company that gets more than half of its revenues from the “Americas,” decreased 4.7 percent to S$1.025. A report on durable goods orders to be released tonight will show U.S. companies probably ordered less equipment in July as concern grew that the U.S. recovery was coming to a halt, according to a Bloomberg News survey. Orders probably fell 0.5 percent last month after rising 0.4 percent in June, according the media forecast of 38 economists surveyed.
Overseas Union Enterprise Ltd. (OUE) , a Singapore-based hotel operator, jumped 7.9 percent to S$2.31. The company said its main shareholder, Golden Concord Asia Ltd., will unwind a financing transaction it entered into in January, reducing its indirect stake in the company to about 63 percent from 67 percent. This is positive as it removes a share-price “overhang,” CIMB Group Holdings Bhd. said in a note to clients.
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