Singapore’s Straits Times Index fell 0.6% to 2,741.23 as of the 12:30 p.m. trading break. Four stocks dropped for each that rose on the 30-member gauge.

 

Stocks on the measure trade at 14.7 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.

 

Bulk carriers: The Baltic Dry Index, which measures the cost of shipping commodities, declined 5% in London yesterday, taking losses in the past three days to 8.1%. Cosco Corp Singapore (COS SP), a China-based shipbuilder that also operates bulk carriers, sank 3.1% to $1.26. STX Pan Ocean, South Korea’s biggest bulk carrier, slipped 1.4% to $14.50.

 

CDL Hospitality Trusts (CDREIT SP), the hotel operator part-owned by City Developments (CIT SP), added 2.8% to $1.81. The company said it agreed to buy five hotels with 1,139 rooms in Australia for A$175 million ($175 million).

 

Genting Singapore Plc (GENS SP), the owner of one of two casino resorts opening in Singapore this year, slid 2.8% to $1.05. Nomura Holdings Inc. initiated coverage of the stock with a “reduce” rating and a share-price target of 77 cents. 

 

“After a 200% rise over the past year, we see significant downside risk for Genting as expectations are becoming unrealistic,” Wai Kee Choong, an analyst at Nomura in Kuala Lumpur, wrote in a note yesterday.

 

SIA Engineering Co. (SIE SP), the aircraft maintenance unit of Singapore Airlines (SIA SP), slipped 2.9% to $3.33, headed for its lowest close since Dec. 29. The company said its third-quarter net income fell 11% to $56 million from a year earlier.

 

StarHub (STH SP), Singapore’s second-biggest phone company, climbed 2.9% to $2.16, its biggest advance since Nov. 11, on speculation its will report on Feb. 4 fourth- quarter earnings that are ahead of estimates.

 

“Its results may surprise on the upside, if better-than- expected fourth-quarter results from rival MobileOne are any indication,” Carey Wong, an analyst at Singapore-based OCBC Investment Research, wrote in a note today.