Singapore’s Straits Times Index dropped 1.1% to 2,939.33 at the 12:30 p.m. trading break. Eight shares fell for each that rose in the benchmark index of 30 companies.
Shares on the measure trade at an average 13.4 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.
Shares on the measure trade at an average 13.4 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.
Bulk-shipping companies: The Baltic Dry Index, which measures the cost of shipping commodities, fell 0.7% in London yesterday, taking its three-day decline to 1.5%. Cosco Corp. Singapore (COS SP), a China-based shipbuilder that also operates bulk carriers, dropped 2.7% to $1.81. Mercator Lines (Singapore) (MRLN SP), an Indian bulk carrier, declined 2.4% to 20.5 cents. STX Pan Ocean Co. (STX SP), South Korea’s biggest bulk shipping company, slid 1.5% to $10.70.
Real-estate companies: Shares of Singapore companies with real-estate holdings in Japan declined on renewed concern that a worsening nuclear crisis may cripple the world’s third-largest economy.
CapitaMalls Asia (CMA SP), the owner of shopping malls in Singapore, Japan, China, India and Malaysia, fell 0.6% to $1.62. Global Logistic Properties (GLP SP), the logistics company that counts Japan as its biggest market, dropped 2.2% to $1.80. Mapletree Logistics Trust (MLT SP), which gets about 19% of sales from Japan, lost 2.9% to 84 cents.
China Flexible Packaging Holdings (CFLX SP), a China- based maker of plastic wrapping products, slumped 10% to 13 cents. The company said first-quarter net income slumped to 1.08 million yuan ($210,762) from 24.86 million yuan a year ago.
Singapore Airlines (SIA SP), the world’s second- biggest carrier by market value, slipped 1.4% to $13.02. The company has had some customers cancel trips to Tokyo and sees “strong” demand for flights from the Japanese capital amid fears of radiation leaks from crippled nuclear plants, company spokesman Nicholas Ionides said by e-mail. Singapore Air delayed the introduction of Airbus A380s, the world’s largest plane, on its Los Angeles routes, which has a stopover in Tokyo, until further notice.
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