STI drops 1.1% to 3,151.43 at trading break

Singapore’s Straits Times Index dropped 1.1% to 3,151.43 as of the 12:30 p.m. trading break, heading for its lowest close since Dec. 24. All but six in the benchmark index of 30 companies declined.

Shares on the measure trade at an average 14.4 times estimated earnings, compared with about 15.6 times at the end of 2010, according to data compiled by Bloomberg. The following shares were among the most active in the market. 

Chinese developers: China raised key interest rates for the third time since mid-October. The benchmark one-year lending rate will increase to 6.06% from 5.81%, effective tomorrow, the People’s Bank of China said. The one-year deposit rate will rise to 3% from 2.75%.

 

CapitaLand (CAPL SP), Southeast Asia’s biggest developer that gets about 26% of sales from China, declined 2.2% to $3.50. Yanlord Land Group (YLLG SP), a China-based developer, slipped 1.3% to $1.52.

Lexicon Group (LEX SP), the publisher of books and periodicals, jumped 25% to 2.5 cents. The company said it plans to buy 51% of U.K.-based Elektromotive, which provides technology and engineering for electric-vehicle recharging stations, for $15.3 million.

 

Ramba Energy (RMBA SP), the oil and gas producer, climbed 4.9% to 42.5 cents. The company said a unit had found oil at the JRR-3 ST well in the Jatirarangon Block off West Java, Indonesia. The current flow from the well is 90 barrels of oil per day and further tests are being considered to assess the potential of the find, it said.

 

SATS (SATS SP), the ground-handling services provider partly owned by Temasek Holdings, lost 1.9% to $2.60. BNP Paribas cut its rating to “hold” from “buy” and lowered its share price forecast to $2.62 from $3.23.

Total Access Communication Pcl (DTAC SP), Thailand’s second-biggest mobile phone company, gained 1.5% to US$1.34. The company plans to change the listing status of its Singapore- traded stocks, and denied media reports that it plans to delist its shares from the Singapore exchange.