Singapore’s Straits Times Index fell 1.9% to 2,701.08 as of 10:16 a.m., dragging the measure into a so-called correction.

 

The measure, which has fallen 11% from its April 14 closing high, is heading for a 5.4 slump this week. Some analysts and traders refer to a decline of 10% or more as a correction. All 30 stocks on the benchmark gauge declined.

 

Shares on the measure trade at 13.2 times estimated earnings, compared with about 17.5 times at the beginning of the year, according to Bloomberg data. The following shares were among the most active in the market.

 

Commodity Stocks: The Reuters/Jefferies CRB Index, which tracks the price of 19 commodities including copper and corn, fell 1% in New York yesterday. Noble Group (NOBL SP), the commodities supplier partly owned by China Investment Corp., declined 5.9% to $1.60. Olam International (OLAM SP), a Singapore-based supplier of agricultural commodities, slipped 3.4% to $2.26.

 

Shipping companies: The Baltic Dry Index, which measures the cost of transporting commodities, lost 0.8% in London yesterday, taking losses in the past four days to 3.2%.

 

Cosco Corp. Singapore (COS SP), a China-based shipbuilder that also operates bulk carriers, dipped 3.4% to $1.41. Mercator Lines Singapore  (MRLN SP), an Indian bulk carrier, decreased 3.8% to 25.5 cents.

 

Banyan Tree Holdings (BTH SP), the Singapore-based hotel operator with properties in Bangkok and Phuket, dropped 3.8% to 77 cents.

 

Thailand’s worst political violence in at least 18 years, which escalated yesterday as security forces struggled to clear rioters from buildings in Bangkok city, is deterring travel to Thailand and damaging Phuket’s US$3 billion ($4.22 billion) tourism industry. Hotel occupancy has dropped below 40%, about a third less than normal, according to the Bangkok-based Thai Hotels Association.