Singapore Stocks: Amtek Engineering, SingTel, Tiger Airways
Singapore’s Straits Times Index dropped 0.6 percent to 2,748.18 at the close, paring losses of as much as 1.2. Three stocks fell for each that rose in the index of 30 companies. The gauge rose 0.5 percent this week, its first weekly advance since July 29.
The following shares were among the most active in the market. Stock symbols are in parentheses after the company name.
Amtek Engineering Ltd. (AMTK) , a supplier of precision components to companies including Sony Corp., jumped 3 percent to 68 Singapore cents. The company said full-year net income doubled to $45.2 million from $21.7 million a year earlier.
Genting Singapore Plc (GENS) , the owner of one of two casino resorts in the city-state, slipped 1 percent to S$1.535. Its parent Genting Bhd. said yesterday second-quarter net income fell 9 percent from a year earlier, dragged down by lower takings at the Singapore property.
Singapore Telecommunications Ltd. (ST) , Southeast Asia’s biggest phone company, climbed 2 percent to S$3.10. Kim Eng Holdings Ltd. raised its rating on the stock to “buy” from “hold,” saying the company’s high dividend yield makes it a safe refuge amid the global market turmoil.
Tiger Airways Holdings Ltd. (TGR) , the budget carrier partly-owned by Singapore Airlines Ltd. (SIA) , dropped 2.6 percent to 93 Singapore cents. The company said it will raise about S$158.6 million ($131 million), selling as many as 273.4 million shares at 58 Singapore cents apiece to existing shareholders. Singapore Air lost 0.6 percent to S$10.55
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