Singapore’s Straits Times Index declined 0.6% to 2,855.59 as of 9:30 a.m. local time. Twenty-seven stocks on the 30-member gauge dropped.

Shares on the measure trade at 14.1 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. 

 

Palm-oil producers: Crude palm oil for September delivery dropped 1.2% in Kuala Lumpur yesterday. Indofood Agri- Resources (IFAR SP), the palm-oil unit of Indonesia’s biggest noodle maker, lost 0.9% to $2.20. Golden Agri- Resources (GGR SP), the world’s second-biggest palm-oil producer, fell 0.9% to 54.5 cents. Wilmar International (WIL SP), the world’s biggest palm-oil trader, slipped 0.7% to $5.92.

 

Shipping companies: The Baltic Dry Index, which measures the cost of transporting commodities, fell 2.1% in London yesterday, taking it 18-day loss to 39%.

 

Cosco Corp. Singapore (COS SP), a China-based shipbuilder that also operates bulk carriers, fell 0.7% to $1.53.

 

Mercator Lines Singapore (MRLN SP), an Indian bulk carrier, rose 1.8 to 28 cents. The company said it has won a four-year contract to transport 650,000 metric tons of coal for a state-owned company in Sri Lanka. The deal is expected to generate US$31 million ($42.9 million) of revenue over the duration of the contract.

 

CDL Hospitality Trust (CDREIT SP), the hotel operator partly-owned by City Developments (CIT SP), tumbled 6.4% to $1.77. The company said it raised net proceeds of $196.4 million, selling shares at $1.71 each, the lower-end of the price range for the share placement.

 

China Minzhong Food Corp. (MINZ SP), a China-based vegetable supplier, climbed 7.1% to $1.21. The stock was rated “buy” with a share-price forecast of $1.50 in new coverage at BNP Paribas.

 

United Overseas Bank (UOB SP), Singapore’s second- biggest lender, lost 0.6% to $19.60. The bank may invest at least US$100 million in Agricultural Bank of China Ltd.’s initial public offering, the Wall Street Journal reported on its website, citing people familiar with the situation it didn’t identify. Other potential investors are Seven Group Holdings and China National Travel Services Group Corp., the report said.