Singapore’s Straits Times Index dropped 1.1% to 3,117.37 at the close. All but three stocks fell in the gauge of 30 companies declined.
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 builders of oil platforms declined after crude futures dropped for a second day in New York as investors bet rising unemployment in the U.S. indicates fuel demand may falter in the world’s biggest energy- consuming nation.
Keppel Corp. (KEP SP), the world’s No. 1 builder of oil rigs, decreased 1.5% to $10.88. Smaller rival Sembcorp Marine (SMM SP) lost 1.7% to $5.22.
Hsu Fu Chi International (HFCI SP), China’s biggest confectioner by market value, surged 10% to $4.40. Hsu Fu Chi said Nestle SA, the world’s largest food company, agreed to buy 60% of the company for $2.07 billion, or $4.35 per share.
Noble Group (NOBL SP), the Hong Kong-based commodity supplier whose Gloucester Coal unit operates coal mines in Australia, fell 1.8% to $1.915. Prime Minister Julia Gillard said yesterday polluters in Australia will pay A$23 ($30.26) per metric ton of carbon emissions. The country relies on coal to generate 80% of its electricity.
Singapore Telecommunications (ST SP), Southeast Asia’s biggest telephone company, lost 0.6% to $3.17. The company said it is reviewing opportunities in Asia and emerging markets as sales in Singapore and earnings before interest tax, depreciation and amortization in Australia are expected to increase at a low-single-digit pace in the year ending March 2012.
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