Singapore’s Straits Times Index fell 0.3% to 3,144.38 at the close. About eight stocks fell for every five that advanced on 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.
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.
City Developments (CIT SP), Singapore’s second-biggest developer, increased 0.3% to $11.64. The company said its South Beach Consortium has secured $1.6 billion of financing for its South Beach project.
Longcheer Holdings (LHL SP), a China-based mobile phone designer, tumbled 17% to 26.5 cents. The company said it expects lower third-quarter revenue, lower gross profit margins from competition, and higher operating expenses because of labor costs in developing new products.
Overseas Union Enterprise (OUE SP), a Singapore-based hotel operator, rose 2.2% to $3.23. The company said it will buy the Crowne Plaza Changi Airport Hotel for $250 million. OUE will also buy an adjacent block of land for $43 million and build a 200-room Holiday Inn Express. The acquisition will boost the number of hotel rooms it has in Singapore to as much as 2,146 from 1,626 now, OUE said.
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