Singapore’s Straits Times Index fell 0.5% to 2,760.33 as of the 12:30 p.m. midday trading break. Ten stocks rose on the 30-member gauge, while 17 declined.

Shares on the measure trade at 13.6 times estimated earnings, compared with about 17.5 times at the beginning of the year, according to Bloomberg data.

 

Singapore’s economy expanded an annualized 38.6% from the previous three months in the first quarter, compared with an April estimate of 32.1%, the trade ministry said in a statement today. That was more than the median estimate for a 33.4% increase in a Bloomberg News survey of eight economists.

 

The following shares were among the most active in the market. 

 

CH Offshore (CHO SP), a provider of offshore support vessels to the oil and gas industry, declined 1.7% to 59.5 cents. Its stock rating was cut to “hold” from “buy” by DBS Group Holdings.

 

Fraser & Neave (FNN SP) gained 1.1% to $4.83. The property developer and brewer said its Times Publishing unit agreed to sell 60% of Shenyang Times Packaging Printing Co. for $12.5 million.

 

Sembcorp Industries (SCI SP) increased 0.5% to $4.01 after declining 2.4% yesterday. The owner of the world’s second-biggest oil-rig builder said a U.S. court had found that there was “no basis” for Cascal NV’s claim that the Singapore-based company had breached any laws in its takeover offer.

 

Tiger Airways Holdings (TGR SP) rose 0.6% to $1.76. The budget carrier partly owned by Singapore Air said it signed a three-year agreement with Changi Airports Group to expand its base at the Singapore airport. The carrier said it plans to add at least two aircraft by March 2011, expanding its routes and employees in the city-state.

 

Wilmar International (WIL SP), the world’s biggest palm-oil trader, dropped 4% to $5.53, extending yesterday’s 7% plunge after the Jakarta Globe reported on May 18 that operations in Indonesia are being probed by the authorities for possible tax fraud. Credit Suisse Group reduced its rating on the stock to “underperform” from “neutral.”

 

Wilmar said yesterday the company’s records on value-added tax refund claims in Indonesia “will stand scrutiny,” reinforcing an earlier statement that the company’s local units have complied fully with tax rules.