STI slips 0.1% to 3,189.85 at closing

Singapore’s Straits Times Index slipped 0.1% to 3,189.85 at the close. Two stocks fell for each that rose in the gauge of 30 companies.

Shares on the measure trade at an average 14.8 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.
Biosensors International Group (BIG SP), a maker of drug-coated stents used to treat blocked arteries, gained 1.9% to $1.36. The company said first-quarter net income increased to US$22.6 million ($27.2 million) from US$3.2 million a year earlier.

 

Olam International (OLAM SP), the commodities trader part-owned by Temasek Holdings, climbed 2.7% to $2.69. The company is raising US$1.25 billion from a loan facility being arranged by 31 banks as early as today, according to a person familiar with the matter. That’s in addition to $100 million of seven-year notes being marketed for the company by HSBC Holdings Plc, according to another person familiar with the matter.

 

Otto Marine (OTML SP), a shipbuilder, dropped 2.4% to 20 cents. The company said Norway’s Mosvold Supply has canceled a contract and demanded a refund of payments amounting to US$29.4 million. Otto Marine is seeking advice from lawyers on its next course of action.

 

SMRT Corp. (MRT SP), Singapore’s biggest commuter train operator, dropped 1.3% to $1.855. The company said first-quarter net income fell 8.9% from a year earlier to $34.8 million.