Singapore’s Straits Times Index declined 0.2% to 3,175.81 as of 9:23 a.m. local time. Two stocks dropped for each that rose in the benchmark equity index of 30 companies.

Shares on the measure trade at an average 15.5 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. 

Developers: Shares of real estate companies dropped after Channel NewsAsia quoted Minister for National Development Mah Bow Tan as saying recent measures to cool the property market are working and that the full impact of the policies will be felt in the next two months.

 

City Developments (CIT SP), Singapore’s second-biggest developer, slipped 0.8% to $12.34. Keppel Land (KPLD SP), the real estate company controlled by the world’s biggest builder of oil rigs, dropped 0.4% to $4.81. UOL Group (UOL SP), Singapore’s fourth-biggest developer by market value, declined 0.4% to $4.65.

 

Palm-oil suppliers: Crude palm-oil futures for February delivery rose 2.7% in Kuala Lumpur yesterday, extending its six-day rally to 10.3%.

 

Golden Agri-Resources (GGR SP), the world’s second- biggest palm-oil producer, gained 2% to 75.5 cents. Indofood Agri Resources (IFAR SP), the palm-oil unit of Indonesia’s biggest noodle maker, climbed 1.1% to $2.87.

 

Yanlord Land Group (YLLG SP), a China-based developer, increased 0.6%  to $1.68. Citigroup Inc. initiated coverage of the stock with a “buy” rating and share-price forecast of $2.38.