Singapore Stocks: Chip Eng Seng, Cosco Corp., OKP, Pan-United
Singapore’s Straits Times Index (FSSTI) fell 0.7 percent to 2,912.97 as of 10:14 a.m. local time. Eight shares dropped for each 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.
Chip Eng Seng Corp. (CHIP) decreased 3.6 percent to 40.5 Singapore cents after saying first-quarter sales dropped 66 percent from a year earlier to S$49.2 million ($39.4 million).
Cosco Corp. Singapore Ltd. (COS) slipped 3.5 percent to 96.5 Singapore cents, heading for its lowest close since Jan. 12. The shipbuilding arm of China’s biggest shipping company posted a 25 percent drop in first-quarter profit to S$27.8 million, missing the average estimate of S$32.9 million by four analysts in a Bloomberg survey.
OKP Holdings Ltd. (OKP) sank 5.9 percent to 55.5 Singapore cents after the roadbuilder reported first-quarter profit declined 42 percent to S$3 million from a year earlier.
Otto Marine Ltd. (OTML) slipped 3 percent to 9.7 Singapore cents after the shipbuilder posted a first-quarter net loss of $9 million, compared with a profit of $5.5 million the previous year.
Pan-United Corp. (PAN) gained 1 percent to 49.5 Singapore cents after the shipping and logistics company said first-quarter net income increased 54 percent from a year earlier to S$9.5 million.
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