Singapore’s Straits Times Index dropped 1.5%to 3,130.34 at the close, its biggest decline since May 23. All but two stocks in the index of 30 companies fell.
Shares on the measure trade at an average 14.4 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.
Export-related companies: Shares of shipping companies, port operators and electronics manufacturers declined as an unexpected drop in U.S. consumer spending in June sparked concern slowing demand in the world’s biggest economy may reduce shipments from Asia.
Creative Technology (CREAF SP), the maker of consumer electronics products that gets 21%of sales from the “Americas,” sank 4%to $2.85. Hi-P International (HIP SP), an electronics contract-manufacturer whose clients include BlackBerry-maker Research in Motion, declined 3.3%to 88.5 cents. Hutchison Port Holdings Trust (HPHT SP), the owner of port assets in Hong Kong and China, slipped 3.9%to 73.5 U.S. cents.
Neptune Orient Lines (NOL SP), the container carrier that counts the “Americas” as its biggest market, dropped 1.5%to $1.36. Citigroup Inc. cut its rating to “sell” from “buy,” saying freight rates will remain under pressure amid slowing economic growth in the U.S. and China.
Sembcorp Marine (SMM SP), the world’s second-biggest maker of oil rigs, slid 1.5%to $5.22. The company said second-quarter net income declined 15%to $149.7 million from a year earlier.
Singapore Airlines (SIA SP), the world’s second- biggest carrier by market value, decreased 2.7%to $12.24. Industry earnings for the three months through June suffered the first year-to-year decline in eight quarters and a deterioration in consumer confidence and economic outlook in the past month will put further pressure on profits, the International Air Transport Association said today.
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