Singapore Stocks: Neptune Orient Lines, Sound Global, Wilmar
Singapore’s Straits Times Index gained 0.3 percent to 2,769.94 at the close, erasing losses of as much as 0.3 percent. Three stocks rose for each that fell 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 names.
Palm-oil producers: Crude palm-oil futures for January delivery rose as much as 2 percent in Kuala Lumpur today.
Golden Agri-Resources Ltd. (GGR) , the world’s second- biggest palm-oil producer by sales, increased 3.2 percent to 64 Singapore cents. Wilmar International Ltd. (WIL) , the world’s largest palm-oil processor, gained 1.8 percent to S$5.19.
IEV Holdings Ltd. (IEV SP), which provides engineering services to the offshore oil and gas industry, jumped 75 percent to 52.5 Singapore cents on its first day of trading. The company sold 37 million shares at 30 Singapore cents in its initial share sale.
Neptune Orient Lines Ltd. (NOL SP), Southeast Asia’s biggest container carrier, fell 1.8 percent to S$1.095. DBS Group Holdings Ltd. lowered its rating to “fully valued” from “hold,” saying it expects wider losses in the third quarter as shipping demand remained low.
Sound Global Ltd. (SGL) , a water-treatment company, climbed 5.2 percent to 50.5 Singapore cents. The company said it won contracts to build and operate sewage-treatment facilities in Jiangyan City in China’s Jiangsu province, with the project costing 480 million yuan ($75.5 million) in total investment.
Yanlord Land Group Ltd. (YLLG) , a homebuilder in China, dropped 1.9 percent to S$1.01. JPMorgan Chase& Co. cut its rating to “neutral” from “overweight,” saying the outlook for the Chinese housing sector remains challenging.
To contact the reporter on this story: Jonathan Burgos in Singapore at firstname.lastname@example.org.