Singapore’s Straits Times Index slid 0.5% to 3,138.65 as of 10:12 a.m. local time. Four 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.
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.
Oil-rig builders: The world’s biggest builder of oil exploration and production platforms declined as crude oil futures fell for a third day on concern demand will weaken as stockpiles rise in the U.S., the world’s biggest consumer of the commodity.
Keppel Corp. (KEP SP), the world’s largest maker of oil rigs, declined 1.9% to $11.48. Smaller rival Sembcorp Marine (SMM SP) slipped 1.3% to $5.48.
Fortune Real Estate Investment Trust (FRT SP), a Hong Kong- based shopping mall operator, gained 0.8% to HK$3.89. The company said first-quarter net income doubled to HK$108 million ($17.1 million) from HK$54 million a year earlier.
Indofood Agri Resources (IFAR SP), the palm-oil unit of Indonesia’s biggest noodle maker, gained 1% to $2.04. DMG & Partners Securities maintained its “buy” rating and raised its share-price forecast to $2.79 from $2.67.
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