Singapore Stocks: Hongkong Land, Keppel Land, Neptune Orient
Singapore’s Straits Times Index (FSSTI) swung between gains and losses and was at 3,001.85 at 9:24 a.m. local time. Three shares fell for every two that rose on the 30- member gauge.
The following were among the most active shares in the market. Stock symbols are in parentheses after company names.
FJ Benjamin Holdings Ltd. (FJB) , a distributor and retailer of Guess Inc. and Gap Inc. products, fell 1.5 percent to 34 Singapore cents after Angie Chong, chief executive officer of FJ Benjamin’s Malaysian operations resigned.
Fragrance Group Ltd. (FRAG) added 1.1 percent to 45 Singapore cents after the owner of budget hotels said it will sell 450 million shares of unit Global Premium Hotels at 26 Singapore cents each in an initial share sale.
Hongkong Land Holdings Ltd. (HKL) dropped 0.5 percent to $6.27 after UBS AG maintained its sell rating. The stock’s 33 percent rebound in the the past three months is not justified as office rents in Hong Kong’s Central will remain weak, analyst Alex Choi wrote in a note to clients today.
Keppel Land Ltd. (KPLD) gained 1.2 percent to S$3.38 after the real estate unit of Keppel Corp. (KEP SP) said first- quarter net income rose 70 percent from a year earlier to S$141.9 million ($113.4 million) as it recognized profits from the sale of apartments at a completed project. Keppel Corp., which is reporting earnings today, slipped 0.5 percent to S$11.41.
Neptune Orient Lines Ltd. (NOL) rose 0.8 percent to S$1.285 after selling S$400 million of bonds with a coupon rate of 4.25 percent.
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