Singapore Stocks: Contel, Singapore Airlines, ST Engineering
Singapore’s Straits Times Index gained 0.6 percent to 2,866.52 at the close. Four stocks rose for every three 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.
Contel Corp. (CTEL SP), a maker of DVD players and home-theater systems, dropped 3.6 percent to 26.5 Singapore cents. The company said it expects to post a first-half loss due to rising raw-material and labor costs.
KSH Holdings Ltd. (KSHH) added 4.7 percent to 22.5 Singapore cents after the construction company said second-quarter net income rose 24 percent to S$5.2 million ($4 million) from a year earlier.
Pacific Century Regional Development Ltd. (PAC SP), which holds a 21 percent stake in PCCW Ltd., Hong Kong’s biggest phone company, rose 1.9 percent to 16 Singapore cents. PCCW is seeking as much as HK$11 billion ($1.4 billion) from an initial public offering of its telecom business trust, said two people with knowledge of the matter.
Singapore Airlines Ltd. (SIA) , the world’s second-largest carrier by market value, slipped 1 percent to S$11.17. The global travel and tourism industry may expand slower than forecast this year and in 2012 as economic conditions in Europe deteriorate, the World Travel & Tourism Council said yesterday.
Singapore Technologies Engineering Ltd. (STE) , Asia’s biggest aircraft maintenance company, gained 1.1 percent to S$2.88. The company said third-quarter net income rose 3 percent from a year earlier to S$133.8 million.
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