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Singapore’s Straits Times Index declined 1.2% to 3,124.38 at the close. Seven stocks fell for each that rose on the 30-member gauge.
Shares on the measure trade at an average 15.2 times estimated earnings, compared with about 17.4 times at the beginning of the year, according to data compiled by Bloomberg. The following shares were among the most active in the market.
Shares on the measure trade at an average 15.2 times estimated earnings, compared with about 17.4 times at the beginning of the year, according to data compiled by Bloomberg. The following shares were among the most active in the market.
Oil rig builders: Oil dropped, snapping three days of gains, as traders bet U.S. crude stockpiles are rising.
Keppel Corp. (KEP SP), the world’s biggest builder of oil rigs, dropped 2.6% to $9.67. Smaller rival SembCorp Marine (SMM SP) slumped 3.8% to $4.53.
Rotary Engineering (RTRY SP), the builder of storage tanks used in the oil and gas industry, climbed 4.2% to 99.5 cents. The company said it won a US$250 million ($325.7 million) contract to build a petroleum storage facility in the Middle East.
Suntec Real Estate Investment Trust (SUN SP), the property trust partly owned by Hong Kong billionaire Li Ka-shing, declined 1.3% to $1.54. The company said it agreed to purchase a stake in a project in downtown Singapore’s Marina Bay Financial Centre for $1.5 billion. JPMorgan Chase & Co. lowered its stock recommendation to “underweight” from “neutral” as the acquisition exposes Suntec REIT to potential fund-raising risks.
Singapore Exchange (SGX SP), operator of the city’s derivatives and securities exchange, gained 1.4% to $8.84. The stock suffered its worst two-day drop in two years after the company announced on Oct. 25 an $8 billion takeover of ASX, triggering opposition from Australian politicians.
Phillip Capital maintained its “buy” rating on the stock, saying it will be “business as usual” for the Singapore bourse operator even if the deal falls through.
Thomson Medical Centre (THOM SP), a hospital operator, jumped 5% to $1.06. The company said fourth-quarter net income increased 18.5% to $4.04 million.
Yangzijiang Shipbuilding Holdings (YZJ SP), the largest Chinese shipyard listed in Singapore, dropped 3.6% to $1.89. The company is planning to buy more yards in China as part of a plan to boost its shipbuilding capacity by 20% next year, Chairman Ren Yuanlin said yesterday in Singapore.
