Singapore’s Straits Times Index dropped 1.6% to 3,126.62 as of 9:10 a.m. local time, heading for its biggest decline since May 23. All but one stock in the index of 30 companies fell.
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.
Sembcorp Marine (SMM SP), the world’s second-biggest maker of oil rigs, slumped 3% to $5.14. The company said second-quarter net income declined 15% to $149.7 million from a year earlier.
Singapore Exchange (SGX SP), the operator of the city’s bourse, slid 1% to $7.28. The company said fourth-quarter profit fell 0.2% to $79.5 million from a year earlier. Daiwa Securities Group Inc. cuts its rating to “hold” from “outperform,” saying trading volumes will continue to decline.
Tiger Airways Holdings (TGR SP), the budget carrier partly owned by Singapore Airlines (SIA SP), fell 2.6% to $1.135. The court hearing over the airline’s suspension in Australia on safety concerns has been postponed to Aug. 5, according to a posting on the Commonwealth Courts website. The hearing had been scheduled for today at the Federal Court in Melbourne. Tiger Air flights in the country has been grounded since July 1.
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