STI slids 0.3% to 3,176.55 at trading break

Singapore’s Straits Times Index slid 0.3% to 3,176.55 as of the 12:30 p.m. trading break, The gauge is heading for a 0.6% decline this week, trimming April’s advance to 3.9%. About five stocks fell for every three that rose in the benchmark index of 30 companies.
Shares on the measure trade at an average 14.6 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 July delivery dropped as much as 1.7% in Kuala Lumpur today.

First Resources (FR SP), an Indonesian palm-oil producer, decreased 1.4% to S$1.38. Indofood Agri Resources (IFAR SP), the palm-oil unit of Indonesia’s biggest noodle maker, lost 0.9% to $2.10. Wilmar International (WIL SP), the world’s biggest palm-oil trader, sank 1.5% to $5.27.

Allgreen Properties (AG SP), a Singapore-based real estate company controlled by Malaysian billionaire Robert Kuok, added 0.9% to $1.18. The company said first-quarter net income increased to $84.5 million from $34.9 million a year ago.

C&O Pharmaceutical Technology Holdings (COPT SP), a Chinese drugmaker, rose 1.3% to 38.5 cents. The company said it’s been appointed the exclusive distributor of Flumarin, an injectable antibiotic, in China by Japanese pharmaceutical company Shionogi & Co.

 

Chemoil Energy (CHEME SP), a supplier of marine fuels, climbed 4.4% to 36 U.S. cents. The company said it expects first-quarter net income will surpass US$20 million on increased volumes and improved margins.

 

Oceanus Group (OCNUS SP) surged 15% to 27.5 cents. Kohlberg Kravis Roberts & Co. is in talks to buy the abalone farmer in a deal that may be worth US$500 million ($613.6 million), Reuters reported, citing three people with knowledge of the matter.