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Singapore’s Straits Times Index slumped 2.2% 2,683.56 at the close, its lowest close since Nov. 6. The gauge dropped 2.3 this week, its fourth week of decline and the longest run of weekly losses since Oct. 2008. Twenty-nine of the gauge’s 30 members declined.
Stocks on the measure trade at 14.3 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 from corn to copper, dropped 2.6% in New York yesterday, the steepest fall since Aug. 14. Noble Group (NOBL SP), a Hong Kong-based commodities supplier, slumped 5.5% to $2.76. Olam International (OLAM SP), a supplier of agricultural commodities, dropped 3.8% to $2.28. Wilmar International (WIL SP), the world’s biggest palm oil trader, tumbled 5.3% to $6.11.
DBS Group Holdings (DBS SP), Southeast Asia’s biggest lender, slipped 1.1% to $14.04. DBS said allowances for the year doubled to $1.53 billion, as its non-performing loan rate rose to 2.9%. Its fourth-quarter profit rose 67% to $493 million from a year earlier, beating the $464 million average estimate of seven analysts surveyed by Bloomberg.
Genting Singapore Plc (GENS SP), owner one of two casino resorts opening in the city-state this year, gained 2.8% to $1.11. The US$4.5 billion ($6.36 billion) Resorts World Sentosa may attract 13 million visitors in the first year of its operation, Malaysia’s Bernama news agency reported, citing spokesman Robin Goh. The resort opened four hotels and 10 restaurants last month. The casino and Universal Studios theme park are still waiting for a license to operate.
MAP Technology Holdings (MAP SP), a maker of data storage devices, tumbled 15% to 5.5 cents. The Taiwan Securities and Futures Bureau rejected the company’s application to list in the country’s stock exchange because it posted losses last year.
Singapore Airlines (SIA SP): The world’s second- biggest airline by market value sank 2.1% to $14.10. The company said delivery of its 11th Airbus SAS A380 superjumbo was delayed because Koito Industries (6747 JT) failed to supply new seats on time. Singapore Air was due to receive its 11th A380 last month.
Singapore Telecommunications (ST SP) slid 2.7% to $2.90 after its Philippine associate Globe Telecom Inc. (GLO PM) said mobile revenue in 2009 dropped 4% and will rise a “low to mid single-digit” pace this year. SingTel, as Southeast’s Asia’s biggest phone company is known, gets 26% of earnings from Singapore, 29% from Australia, with the rest coming from regional mobile units such as Globe Telecom and Bharti Airtel.
StarHub (STH SP), Singapore’s second-largest phone company, declined 1.8% to $2.13. The company said fourth-quarter profit fell 15% to $74.2 million from a year ago.
