Singapore Stocks: Otto Marine, Sakari Resources, ST Engineering
Singapore’s Straits Times Index (FSSTI) slipped 0.2 percent to 2,996.75 as of 11:08 a.m. local time, erasing gains of as much as 0.2 percent. Three shares fell for each that rose in the 30-member gauge.
The following were among the most active shares in the market. Stock symbols are in parentheses after company names.
Otto Marine Ltd. (OTML) rose 3.4 percent to 15.1 Singapore cents after the shipbuilder won a contract, valued at $36.5 million, to charter a vessel to U.K.-based Seahold Geopships Ltd. for five years.
Sakari Resources Ltd. (SAR) , an owner of coal mines in Indonesia, slipped 0.8 percent to S$2.41 on speculation prices of thermal coal may drop. Contract prices for coal burned in power stations may drop 37 percent by 2017 because of a rise in shipments from countries including Indonesia and Colombia, according to Australia’s government forecaster.
Singapore Technologies Engineering Ltd. (STE) , Asia’s biggest aircraft maintenance company, added 0.3 percent to S$3.14. The company said it ST Kinetics unit raised its stake in Timoney Holdings Ltd., an Ireland-based maker of heavy-duty suspension systems used in commercial and military vehicles, to 27.4 percent from 25 percent.
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