Singapore’s Straits Times Index slipped 0.3% to 3,177.31 as of 10:02 a.m. local time. Five stocks fell for each that rose in the gauge of 30 companies.
Shares on the measure trade at an average 14.7 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 14.7 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.
Sembcorp Marine (SMM SP), the world’s second-biggest builder of oil platforms, dropped 0.6% to $5.41. The Singapore High Court started proceedings on a suit Sembcorp Marine filed against PPL Holdings for refusing to accept a $59.4 million offer it made in May 2010 for a 15% stake. Sembcorp claimed it had the right to buy the stake before Chinese rival Yangzijiang Shipbuilding (Holdings) , which agreed to acquire PPL Holdings at a higher price. Yangzijiang lost 0.4% to $1.44.
SATS (SATS SP), the ground-handling-services provider partly owned by Temasek Holdings, fell 0.8% to $2.56. The company said first-quarter net income dropped 4.1% from a year earlier to $42.5 million.
SIA Engineering Co. (SIE SP), the aircraft maintenance unit of Singapore Airlines (SIA SP), declined 1.4% to $4.10. The company said first-quarter net income fell to $68.1 million from $70.8 million a year earlier. Singapore Air, which will report first-quarter earnings tomorrow, slid 0.1% to $14.70.
Singapore Technologies Engineering (STE SP), Asia’s biggest aircraft maintenance company, added 1% to $3.05. The company said its ST Aerospace unit won about $260 million of contracts in the second quarter.
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