Singapore’s Straits Times Index dropped 2.1% to 2,791.90 as of the 12:30 p.m. trading break. The measure has lost 4% in the past five days, the most since the week ended Aug. 7. All but two stocks on the 30- member gauge declined.

 

Stocks on the measure trade at 15 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. 

 

Commodity suppliers: The Reuters/Jefferies CRB Index, which tracks 19 commodities including corn and crude oil, fell 0.7% in New York yesterday to the lowest level since Dec. 22. Noble Group (NOBL SP), a Hong Kong-based supplier of commodities, dropped 4.4% to $3.04. Olam International (OLAM SP), a supplier of agricultural commodities, dropped 2% to $2.52.

 

Palm oil suppliers: Crude palm oil for April delivery dropped as much as 1.7% in Kuala Lumpur today. Golden Agri-Resources (GGR SP), the world’s second-biggest palm oil producer, tumbled 5.4% to 52.5 cents. Indofood Agri Resources (IFAR SP), the palm oil unit of Indonesia’s biggest noodle maker, sank 5.3% to $2.13. Wilmar International (WIL SP), the world’s biggest palm oil trader, fell 3.4% to $6.57.

 

Genting Singapore Plc (GENS SP), owner of one of two casino resort opening in the city-state, slipped 3.3% to $1.19, heading for its lowest close since Dec. 24. Citigroup Inc. initiated coverage of the stock with a “sell” rating, saying expectations for its Singapore resort are “irrationally bullish.”

 

Hong Leong Asia (HLA SP), the Singapore-based construction company that also makes diesel engines and refrigerators in China, climbed 3.9% to $3.44, heading for its highest closing level since Jan. 11, 2008. CIMB Group Holdings raised its share-price forecast by 59% to $6.33, citing growth in the company’s Chinese business.

 

Straits Asia Resources (SAR SP), the Indonesian coal miner part-owned by PTT Pcl, dropped 3.8% to $2.27. Goldman Sachs Group Inc. cut the stock to “sell” from “neutral” and reduced its share-price forecast by 9% to $2.

Tiger Airways Holdings (TGR SP), the budget carrier part-owned by Singapore Airlines, gained 1.3% to $1.52 on its trading debut. The company raised $233 million, selling shares at $1.50 in Asia’s biggest airline IPO in five years.

 

“People are more confident of a recovery in the airline industry and that the worst is over,” said Rohan Suppiah, an analyst at Kim Eng Securities Pte in Singapore. “The question now is how strong a recovery we’re going to see.”