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Singapore’s Straits Times Index fell 0.5% to 2,779.83 as of 10:22 a.m. local time. Eight stocks dropped for each that rose on the 30-member gauge.
Stocks on the measure trade at 14.8 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.
China Fishery Group (CFG SP), the fishing fleet operator, gained 2.2% to $1.84. The company said its proposed secondary listing in Norway has been approved by Oslo Bors.
China Hongxing Sports (CHHS SP), the maker of athletic shoes, dropped 5.7% to 16.5 cents. The company said it expects to report lower fourth-quarter sales and profit due to weak demand and a decrease in its selling prices.
Genting Singapore Plc (GENS SP), the gaming company which has just opened its casino in the city-state, fell 2.5% to 99.5 cents, heading for its lowest closing level since Sept. 1, on concern valuations have become unattractive following recent gains.
“While we remain positive on the group’s business model, valuations are very demanding,” said Melvyn Boey, an analyst at Bank of America’s Merrill Lynch in Singapore.
Singapore Airlines (SIA SP), the world’s second- biggest carrier by market value, slipped 0.7% to $14.70. The company said overall load factor dropped to 68.2% in January from 71.7% in December.
Wing Tai Holdings (WINGT SP), Singapore’s eighth- biggest developer, rose 0.6% to $1.81. The company has a highest percentage of its projects in the high-end residential sector, where the outlook is improving, Deustche Bank analysts Gregory Lui and Elaine Khoo wrote in a note today.
