Singapore’s Straits Times Index fell 0.9% to 3,156.01 as of 9:25 a.m. local time. All but two stocks in the gauge of 30 companies declined.
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.
Developers: Shares of the nation’s biggest real-estate companies declined on concern the government will introduce additional measures to curb property prices after government data released last week showed the growth in housing prices in the second quarter moderated. “We believe any further upside in private residential prices would risk further tightening as the government reins in on the housing affordability issue,” DMG & Partners Securities Pte said in a note to clients.
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.
Developers: Shares of the nation’s biggest real-estate companies declined on concern the government will introduce additional measures to curb property prices after government data released last week showed the growth in housing prices in the second quarter moderated. “We believe any further upside in private residential prices would risk further tightening as the government reins in on the housing affordability issue,” DMG & Partners Securities Pte said in a note to clients.
CapitaLand (CAPL SP), Southeast Asia’s biggest developer by market value, slipped 1.4% to $2.91. City Developments (CIT SP), the second-largest homebuilder in the city-state, dropped 2.1% to $10.70. Keppel Land (KPLD SP), the real-estate company partly owned by Keppel Corp. (KEP SP), fell 1.8% to $3.77.
Global Logistic Properties (GLP SP), the operator of warehouses in China and Japan, slipped 1% to $2.02. The company didn’t breach the Securities and Futures Act when it failed to disclosed in its prospectus a competition arrangement with ProLogis Inc., the Monetary Authority of Singapore said on July 22. The regulator won’t take action against the company, it said.
Nera Telecommunications (NERT SP), a supplier of wireless equipment to the telecommunications industry, fell 1.3% to 38 cents. The company said second-quarter net income declined 16% to $2.5 million from a year earlier.
SATS (SATS SP), the ground-handling services provider partly owned by Temasek Holdings Pte, lost 0.8% to $2.60. The company said Chief Executive Officer Clement Woon resigned to pursue his “personal interests.” Tan Chuan Lye, executive vice president, was named as the acting CEO while the company starts a global search.
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