Singapore’s Straits Times Index dropped 1.7% to 2,654.31 at the close. All but four stocks in the index of 30 companies declined. 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 1.8% in New York on Sept. 23, extending its decline for a third day.
Noble Group (NOBL SP), a Hong Kong-based supplier of energy, food and mining commodities, dropped 5.2% to $1.38. Olam International (OLAM SP), a Singapore-based supplier of agricultural commodities, sank 5% to $2.27.
Palm-oil producers: Palm-oil prices may tumble to as low as 2,800 ringgit ($1,149) a metric ton in the next five to eight weeks, the lowest level in almost a year, as output jumps in Malaysia and Indonesia, the largest growers, according to Dorab Mistry, director of Godrej International. Palm-oil futures for December delivery fell as much as 4.5% in Kuala Lumpur today, extending losses for a fourth day.
Golden Agri-Resources (GGR SP), the world’s second- biggest palm-oil producer by sales, decreased 4.6% to 63 cents. Wilmar International (WIL SP), the world’s largest palm-oil processor, slipped 0.6% to $5.06.
Hongkong Land Holdings (HKL SP): One of the biggest office landlord’s in the Chinese city slumped 5% to US$4.37 ($5.71). DBS Group Holdings lowered its rating on the stock to “hold” from “buy,” saying office rents in Hong Kong’s Central may fall 15% next year amid growing global economic uncertainty and financial instability in Europe.
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