STI drops 0.4% to 3,158.92 at closing

Singapore’s Straits Times Index dropped 0.4% to 3,158.92 at the close. Almost two stocks fell for each that rose in the benchmark index of 30 companies.

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.

Palm-oil producers: Crude palm-oil futures for June delivery dropped as much as 1.3% in Kuala Lumpur today, heading for a third day of decline.

First Resources (FR SP), an Indonesian palm-oil producer, slipped 1.4% to $1.38. Golden Agri-Resources (GGR SP), the world’s second-biggest palm-oil producer, decreased 2.8% to 70 cents. Indofood Agri Resources (IFAR SP), the palm-oil unit of Indonesia’s biggest noodle maker, declined 1.8% to $2.22. Wilmar International (WIL SP), the world’s biggest palm-oil trader, lost 0.8% to $5.27.

Metro Holdings (METRO SP), a Singapore-based retailer, climbed 2.4% to 86 cents. The company said it plans to divest is 50% stake in Beijing Huamao Property Co., owner of the MetroCity Beijing shopping mall.

Portek International (PORT SP), the Singapore-based operator of container and multi-purpose terminals in Indonesia, Algeria, Malta and Gabon, gained 0.8% to 64 cents. The company said it bought a 60% stake in Rwanda’s main inland cargo handling facility for US$5.9 million ($7.38 million).

Singapore Press Holdings (SPH SP), the biggest newspaper publisher in the city-state, slid 1% to $3.94. The company said second-quarter net income declined 33.5% to $75.4 million from a year earlier. OCBC Investment Research cut its rating on the stock to “hold” from “buy.”

STX Pan Ocean Co. (STX SP), South Korea’s biggest bulk carrier, slipped 1.6% to $11.02. The Baltic Dry Index, which measures the cost of shipping commodities, dropped 1.3% in London yesterday, extending its decline for a 12th day.

Techcomp Holdings (TCH SP), the maker of laboratory equipment, climbed 3.1% to 49.5 cents. The company said it is planning a dual listing on the main board of the Stock Exchange of Hong Kong.