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Singapore’s Straits Times Index fell 0.5% to 2,820.69 as of the 12:30 p.m. trading break. Two stocks declined for each that rose on the 30-member gauge.
Shares on the measure trade at 13.8 times estimated earnings, compared with about 17.4 times at the end of 2009, according to Bloomberg data. The following shares were among the most active in the market.
Shares on the measure trade at 13.8 times estimated earnings, compared with about 17.4 times at the end of 2009, according to Bloomberg data. The following shares were among the most active in the market.
China-related stocks: The Purchasing Managers’ Index, a gauge of Chinese manufacturing, declined for a second month in June, adding to signs that growth in the world’s third-largest economy is moderating. An HSBC Holdings Plc manufacturing index slid to a 14-month low.
CapitaLand (CAPL SP), the Singapore-based developer that got 26% of sales from China last year, fell 0.6% to $3.58. Hong Leong Asia (HLA SP), the maker of refrigerators and diesel engines that counts China as its biggest market, slipped 1.8% to $3.33. Yangzijiang Shipbuilding Holdings (YZJ SP), a China-based shipbuilder, dropped 0.7% to $1.34.
Shipping companies: The Baltic Dry Index, which measures the cost of transporting commodities, slipped 1.7% in London yesterday, taking its 24-day loss to 43%. That’s the gauge’s longest losing streak since August 2005.
Cosco Corp. Singapore (COS SP), a China-based shipbuilder that also operates bulk carriers, dropped 3.4% to S$1.44. Mercator Lines Singapore (MRLN SP), an Indian bulk carrier, slipped 1.9% to 26.5 cents. STX Pan Ocean Co. (STX SP), South Korea’s biggest bulk carrier, lost 0.8% to $12.70.
CDL Hospitality Trust (CDREIT SP), the hotel operator partly owned by City Developments (CIT) SP), fell 0.6% to $1.74. DBS Group Holding scut its share-price forecast to $2.03 from $2.20 and maintained its “buy” rating.
Genting Singapore Plc (GENS SP), owner of one of two casino resorts in the city-state, gained 0.9% to $1.18. Deutsche Bank AG raised its share-price forecast by 45% to $1.45 and maintained its “buy” rating.
Lian Beng Group (LBG SP), a Singapore-based construction company, climbed 1.8% to 28.5 cents. The company said it won a $88.3 million contract to build a residential condominium for UOL Group.
Neptune Orient Lines (NOL SP), Southeast Asia’s biggest container carrier, declined 3% to $1.94. Phillip Securities downgraded the stock to “hold” from “buy.”
