Singapore’s Straits Times Index fell 0.3% to 3,150.02 at the midday-trading break, headed for a 1.1% decline for the week. More than twice as many stocks fell as rose 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.
Export-oriented stocks: SembCorp Marine (SMM SP) and Wilmar International (WIL SP) led declines among companies whose revenue are mainly denominated in U.S. dollars. The Singapore currency rose as much as 0.7% to a record $1.2432 today, the highest based on data going back to 1981, following Singapore’s third monetary policy tightening in a year.
SembCorp Marine, the world’s second-biggest builder of oil platforms, dropped 1.2% to $5.78, while its parent SembCorp Industries (SCI SP) lost 1.1% to $5.34, the two worst performers on the benchmark index today. Wilmar, the world’s largest palm-oil trader, slid 0.8% to $5.23.
CapitaLand (CAPL SP), Southeast Asia’s biggest developer, gained 0.3% to $3.42. The company said it’s buying a 40% stake in Surbana Corp. for $360 million from its biggest shareholder Temasek Holdings (TMSK SP). The acquisition will allow the Singapore developer to tap Surbana’s expertise in large-scale mass-market residential expertise in China. CapitaLand said in its annual report received yesterday that it wants to boost its China business to 45% of total assets.
Ezra Holdings (EZRA SP), the provider of logistics services to the oil and gas industry, slid 1.1% to $1.75. The company said second-quarter net income declined 23% to US$8 million (49.95 million) from a year ago.
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