Singapore Stocks: Mandarin Oriental, Noble, Venture, Wilmar
Singapore’s Straits Times Index dropped 2.5 percent to 2,788.05 as of 10:01 a.m. local time. All but one share in the index of 30 companies declined.
The following shares were among the most active in the market. Stock symbols are in parentheses after the company names.
Dairy Farm International Holdings Ltd. (DFI) , Hong Kong’s second-biggest retailer, lost 0.9 percent to $8.03 after saying earnings grew at a slower pace in the second half of the year.
Mandarin Oriental International Ltd. (MAND) , the operator of luxury hotels from Tokyo to San Francisco, dropped 2.2 percent to $1.535. The company said its earnings have been affected by losses in Tokyo, where occupancy levels haven’t reached those achieved prior to the March earthquake.
Noble Group Ltd. (NOBL) , a Hong Kong-based commodity supplier, tumbled 22 percent to S$1.26, the most since September 1998, as the company’s Chief Executive Officer Ricardo Leiman quit. The supplier of energy, food and mining commodities reported its first loss in about 14 years, citing defaults by U.S. cotton farmers and a plunge in carbon credits in Europe.
Venture Corp. (VMS SP), Singapore’s biggest listed electronics manufacturing services provider, slid 2.4 percent to S$6.80 after saying third-quarter net income declined 27 percent from a year earlier to S$35.4 million.
Wilmar International Ltd. (WIL) , the world’s biggest palm-oil processing company, sank 3.4 percent to S$5.17 after OCBC Investment Research lowered its rating to “sell” from “hold,” saying there are more downside risks given prevailing macroeconomic uncertainties. HSBC Holdings Plc cut its rating on Wilmar to “underweight” from “neutral.”
To contact the reporter on this story: Jonathan Burgos in Singapore at firstname.lastname@example.org.