Singapore’s Straits Times Index fell 0.7% to 3,190.04 at the close of trading. About three stocks fell for each that rose on the benchmark index of 30 companies. The gauge climbed 10% this year, extending last year’s 64% advance. The measure also rose 1.4% this month, its fourth consecutive monthly increase.
Shares on the measure trade at an average 15.6 times estimated earnings, compared with about 17.4 times at the beginning of the year, according to data compiled by Bloomberg.
The following shares were among the most active in the market. Stock symbols are in parentheses after the company name.
Cosco Corp. Singapore (COS SP), a company that’s part of China’s largest shipping group, gained 0.5% to $2.14. The company said its unit won more than $129 million of contracts for four bulk carriers.
Genting Singapore Plc (GENS SP), Asia’s biggest casino operator by market value, surged 69% this year, the best performing stock on the Straits Times Index. The company reported second-quarter profit of $396.5 million on Aug. 12, compared with a loss a year earlier. Singapore overturned a 40-year ban on casinos in 2005 to spur economic growth. The stock climbed 0.5% to $2.19 today.
Hotel Properties (HPL SP), the owner of hotels including the Four Seasons resorts in Bali and Maldives, fell 1.4% to $2.79. The company said it’s buying 20% of Lead Wealthy Investments for 152 million yuan ($30 million). Lead Wealthy holds 73% of a company that owns the 21st Century Tower in Shanghai.
Singapore Airlines (SIA SP), the national carrier, fell 1.5% to $15.30. The airline’s Goh Choon Phong, who takes over as chief executive officer tomorrow, may shed the airline’s 49% stake in Virgin Atlantic as he confronts rising competition in Asia.
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