STI drops 0.2% to 2,696.55 at midday

Singapore’s Straits Times Index dropped 0.2% to 2,696.55 as 12:12 p.m. local time, narrowing earlier losses of as much as 1.2%.

The gauge is headed for a 6.5% decline this month, and a 14% drop for the quarter, the most since the three months ended in December 2008. Two stocks fell for each that rose in the index of 30 companies. The following shares were among the most active in the market. 

 

Export-related companies: Shares of exporters, port operators and shipping companies gained after U.S. capital goods climbed in August by the most in three months, a sign business investment continues to support a recovery in the world’s biggest economy.

 

Beyonics Technology (BT SP), a provider of electronics manufacturing services that gets about 36% of sales from the U.S., climbed 4.9% to 17.2 cents. Neptune Orient Lines (NOL SP), a container carrier that counts the Americas as its biggest market, jumped 5.1% to $1.14. Hutchison Port Holdings Trust (HPHT SP), the owner of port facilities in Hong Kong and China, gained 2.4% to 64 U.S. cents.

 

Palm-oil producers: Crude palm-oil futures for December delivery dropped as much as 2.1% in Kuala Lumpur today, heading for its second day of decline.

 

Golden Agri-Resources (GGR SP), the world’s second- biggest palm-oil producer by sales, slid 0.8% to 62.5 cents. Indofood Agri Resources (IFAR SP), the plantation unit of Indonesia’s No. 1 noodle maker, fell 0.8% to $1.26.

 

Shipyards: The world’s biggest oil rig builders declined after UOB-Kay Hian Holdings cut its rating on the sector to “market weight.” Declining crude oil prices may reduce contract awards, analysts including Nancy Wei wrote in a note to clients. The report didn’t say what the previous rating was.

 

Keppel Corp. (KEP SP), the world’s No. 1 maker of oil platforms, fell 2.4% to $7.88 after UOB reduced its share-price forecast to $9.60 from $13.35. Smaller Sembcorp Marine (SMM SP) fell 0.3% to $3.39 after UOB cut its rating to “hold” from “buy.”

 

TTJ Holdings (TTJ SP), a Singapore-based supplier of structural steel, advanced 4.2% to 14.8 cents. The company said full-year net income increased to $14.4 million from $6.8 million a year earlier.