STI drops 1.3% to 2,684.70 at midday

Singapore’s Straits Times Index dropped 1.3% to 2,684.70 as of 1:08 p.m. local time, heading for a 3.8% decline this week. Six stocks fell for each that rose in the index of 30 companies. The following shares were among the most active in the market.

Commodity suppliers: The Thomson Reuters/Jefferies CRB Index, which tracks prices of 19 commodities from copper to corn, fell 4.4% in New York yesterday, extending its decline for a second day.

 

Noble Group (NOBL SP), a Hong Kong-based supplier of energy, food and mining commodities, dropped 3.3% to $1.455. Olam International (OLAM SP), a Singapore-based supplier of agricultural commodities, declined 3.3% to $2.37.

 

Palm-oil producers: Crude palm-oil futures for December delivery dropped as much as 1.6% in Kuala Lumpur today, heading for its third day of decline.

 

Golden Agri-Resources (GGR SP), the world’s second- biggest palm-oil producer by sales, sank 3.7% to 65 cents. Wilmar International (WIL SP), the world’s largest palm-oil processor, slipped 2.1% to $5.05.

 

Swiber Holdings (SWIB SP), a provider of offshore logistic services, climbed 4% to 52.5 cents. The company said it won a contract, valued at US$155 million 94 ($201 million), for the construction of a pipeline in South Asia.

 

Venture Corp. (VMS SP), a provider of electronics manufacturing services, slid 1.5% to $7.09. Citigroup Inc. cut its share-price forecast to $8 from $9.30, saying it a recovery in sales in the second-half will likely be muted due to macroeconomic headwinds. The brokerage maintained its “buy” rating on the stock.