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Singapore’s Straits Times Index dropped 0.4% to 2,918.55 as of the 12:30 p.m. trading break. Almost two stocks declined for each that rose on the 30- member gauge.
Stocks on the measure trade at 15.8 times estimated earnings, compared with about 10 times at the start of 2009, according to data compiled by Bloomberg. The following shares were among the most active in the market.
CSE Global (CSE SP), a supplier of industrial automation systems, gained 1.6% to 97 cents. BNP Paribas maintained its “buy” rating and raised its share- price forecast to $1.25 from 98 cents.
Epure International (EPUR SP), a water treatment company, advanced 7.3% to 88.5 cents. Epure is proposing a dual listing in Hong Kong, the company said in a statement. In conjunction with the listing, it plans to sell 430 million new shares, it said.
Genting Singapore Plc (GENS SP), the London casino operator that’s building one of two casino resorts in Singapore, dropped 3.2% to $1.23. BNP Paribas and Deutsche Bank AG downgraded the stock to “hold” from “buy,” citing valuation concerns.
Neptune Orient Lines (NOL SP), Southeast Asia’s biggest container carrier, advanced 4% to $1.82, heading for its highest closing level since Sept. 23. Deutsche Bank AG upgraded the stock to “buy” from “hold” and raised its share-price forecast to $2.04 from $1.64.
PEC (PEC SP), a provider of engineering services to the oil and gas industry, climbed 3.2% to 81 cents. The company said it obtained a US$174.5 million ($243.4 million) contract for the construction of an oil terminal in Malaysia.
