STI drops 2.2% to 2,661.84 at 10:13 a.m.

Singapore’s Straits Times Index dropped 2.2% to 2,661.84 as of 10:13 a.m. local time, heading for a 4.6% decline this week. All but four stocks in the index of 30 companies fell. 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 3.7% to $1.45. Olam International (OLAM SP), a Singapore-based supplier of agricultural commodities, sank 4.7% to $2.36.

 

Export-related companies: Shares of exporters, port operators and shipping companies declined as a decline in U.S. consumer confidence added to signs the global economy may be heading for another recession.

 

Hi-P International (HIP SP), an electronics manufacturing services provider that gets 44% of sales from the U.S., fell 2.6% to 55.5 cents. Neptune Orient Lines (NOL SP), the container carrier that counts the “Americas” as its biggest market, decreased 2.3% to $1.05. Hutchison Port Holdings Trust (HPHT SP), the owner of port assets in Hong Kong and China, fell 1.6% to 60.5 U.S. cents.

 

Venture Corp. (VMS SP), a provider of electronics manufacturing services, dropped 1.7% to $7.08. 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.