Singapore’s Straits Times Index slipped 0.6% to 2,867.18 at the close, after swinging between a decline of 1% and an advance of 0.9%. Three stocks fell for each that rose in the index of 30 companies. following shares were among the most active in the market.
Developers: The government raised development charges for commercial, residential and hotel properties for the next six months starting today, according to a statement by the Urban Redevelopment Authority. Development charges for houses will increase by an average 17%, while those for apartments will rise 12%, according to the statement.
CapitaLand (CAPL SP), Southeast Asia’s biggest developer by market value, slid 1.9% to $2.57. Keppel Land (KPLD SP), the real-estate unit of Keppel Corp. (KEP SP), lost 1% to $3.06.
Global Logistic Properties (GLP SP), an operator of warehouses in China and Japan, surged 4.2% to $1.74. The company said it and the Canada Pension Plan Investment Board will each invest US$250 million ($301 million) over three years in a joint venture to develop logistics facilities in Japan.
STX Pan Ocean Co. (STX SP), South Korea’s biggest bulk carrier, gained 2.6% to $9.01. The Baltic Dry Index, a measure of commodity shipping costs, advanced 5.3% in London yesterday, snapping a three-day decline.
Yanlord Land Group (YLLG SP), a homebuilder in China, rose 1.1% to 91.5 cents. The company said it sold 155 residential units of Yanlord Sunland Gardens, an apartment project in Shanghai, for 1.7 billion yuan ($320.4 million).
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