The following companies may have unusual price changes in Singapore trading today. Stock symbols are in parentheses, and share prices are from the previous close. Singapore’s Straits Times Index gained 0.7% to 3,066.85.
Commodity suppliers: The Thomson Reuters/Jefferies CRB Index, which tracks prices of 19 commodities from copper to corn, lost 0.1% in New York on June 24, extending its decline for a third day. Noble Group (NOBL SP), a Hong Kong-based supplier of energy, food and mining commodities, increased 2.1% to $1.95. Olam International (OLAM SP), a Singapore-based supplier of agricultural commodities, climbed 2.6% to $2.73.
Developers: City Developments (CIT SP), Singapore’s second-biggest developer by market value, had its rating cut to “hold” from “buy” at Citigroup Inc., while Keppel Land (KPLD SP), the real estate unit of Keppel Corp. (KEP SP), was lowered to “sell” from “hold.”
Property developers are unlikely to “outperform” due to risks the government will introduce additional measures to curb housing prices, according to a note sent by Citigroup to clients.
City Developments climbed 2.7% to $10.60. Keppel Land increased 2% to $3.65. Wing Tai Holdings (WINGT SP), whose rating was lowered to “hold” from “buy,” rose 2.1% to $1.47.
Hong Leong Asia (HLA SP): The Singapore-based supplier of building materials said it agreed to sell HL Karimun Granite Pte, owner of a quarry on Karimun Island in Indonesia, for $28 million. Hong Leong Asia gained 2.8% to $2.23.
Popular Holdings (POP SP): The bookstore chain operator said full-year net income declined 24% from a year earlier to $23.8 million. The stock was unchanged at 16 cents.
Singapore Technologies Engineering (STE SP): Asia’s biggest aircraft maintenance company said its ST Aerospace unit won a contract, valued at $300 million, to provide logistical support to Alenia Aermacchi SpA over 20 years. Its shares added 0.4% to $2.84.
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