Singapore’s Straits Times Index dropped 1.7% to 3,122.28 as of noon 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.
Cosco Corp. Singapore (COS SP), the shipbuilding unit of China’s biggest shipping company, dropped 2.8% to $1.415. UBS AG cut its rating to “sell” from “buy,” saying it doesn’t expect earnings will recover in the near term due to profit-margin pressures.
Neptune Orient Lines (NOL SP), Southeast Asia’s biggest container carrier, dropped 1.8% to $1.355. 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, slumped 2.6% to $5.16. The company said second-quarter net income declined 15% to $149.7 million from a year earlier.
Tiger Airways Holdings (TGR SP), the budget carrier partly owned by Singapore Airlines (SIA SP), fell 0.8% to $1.155. The court hearing over the airline’s suspension in Australia on safety concerns has been postponed until 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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