Singapore’s Straits Times Index dropped 0.3% to 3,121.72 as of 12:07 p.m. local time, having swung between gains and losses at least eight times. About two stocks fell for each that rose in the index of 30 companies.
Shares on the measure trade at an average 14.3 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.
CapitaLand (CAPL SP), Southeast Asia’s biggest developer, gained 0.4% to $2.81. The company said second-quarter net income rose 17% to $399 million , boosted by the sale of homes in projects such as The Interlace and d’Leedon.
LMA International NV (LMA SP), a medical-equipment maker, surged 8.3% to 32.5 cents. The company said second-quarter net income jumped to US$10.4 million ($12.5 million) from US$2.2 million a year earlier.
Oversea-Chinese Banking Corp. (OCBC SP), Singapore’s second-largest lender by market value, slipped 1.3% to $9.75. The company said second-quarter net income increased 15% from a year earlier to $577 million. That’s less than the $603 million average of eight estimates compiled by Bloomberg.
Singapore Airlines (SIA SP), the world’s second- biggest carrier by market value, added 0.6% to $12.31. UOB-Kay Hian Holdings raised its rating on the stock to “buy” from “hold,” saying it looks attractive following a recent slump. The shares tumbled 17% from July 28 through yesterday after the company reported an 82% decline in first-quarter profit.
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