Singapore’s Straits Times Index dropped 0.6%to 2,709.47 as of 10:06 a.m. local time. Almost five stocks fell for each that rose in the index of 30 companies. The following shares were among the most active in the market.
CapitaMall Trust (CT SP), Singapore’s biggest retail property trust, declined 1.9%to $1.855. Daiwa Securities Group Inc. lowered its rating on the stock to “hold” from “outperform,” saying valuations are less attractive compared to office landlords and hotel operators.
CapitaMall Trust (CT SP), Singapore’s biggest retail property trust, declined 1.9%to $1.855. Daiwa Securities Group Inc. lowered its rating on the stock to “hold” from “outperform,” saying valuations are less attractive compared to office landlords and hotel operators.
Midas Holdings (MIDAS SP), a supplier of aluminum alloy profiles used in train carriages in China, dropped 3.8%to 38.5 cents. A Shanghai subway train rammed into the back of another locomotive, sparking speculation China will slow its rail expansion. China has slashed rail construction since 40 people were killed in a high-speed crash in July.
Otto Marine (OTML SP), a shipbuilder, lost 0.7%to 14 cents. The company said it’s considering a request from the buyers of its anchor handling and tug supply vessel for a second extension to pay the required deposit of US$9 million ($11.6 million). The buyers agreed last month to pay US$90 million for the vessel.
Sunpower Group (SPWG SP), a maker of energy saving and environmental protection devices, climbed 4.7%to 22.5 cents. The company said it won a contract, valued at US$8.5 million, to supply heat recovery equipment to JSW Steel (JSTL IN), the third-biggest steel maker in India by sales.
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