Singapore’s Straits Times Index sank 1.2% to 3,177.09 at the close, the lowest since July 25. Five stocks declined for each that rose in the index 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. Stock symbols are in parentheses after the company name.
Palm-oil producers: Crude palm-oil futures for October delivery fell as much as 0.5% in Kuala Lumpur today. Golden Agri-Resources (GGR SP), the world’s second-biggest palm-oil producer by sales, decreased 2% to 72.5 cents. Wilmar International (WIL SP), the world’s largest palm-oil processor by sales, slipped 1.2% to $5.85.
Cosco Corp. Singapore (COS SP), the shipbuilding unit of China’s biggest shipping company, slumped 14% to $1.455, the steepest decline since October 2008. The company said second-quarter net income fell 53% from a year earlier to $31.9 million. Citigroup Inc. cut its rating on the stock to “sell” from “buy,” saying profit margins will remain weak as the company faces challenges in executing rig orders.
Singapore Airlines (SIA SP), the world’s second-largest carrier by market value, dropped 4.1% to $12.58. UBS AG cut its rating on the stock to “neutral” from “buy,” saying a recovery in the company’s earnings will likely be slow.
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