Singapore’s Straits Times Index fell 0.2% to 3,238.63 at the close. Almost two stocks dropped for each that rose in the benchmark equity index of 30 companies.

Shares on the measure trade at an average 14.8 times estimated earnings, compared with about 15.6 times at the end of 2010, according to data compiled by Bloomberg. The following shares were among the most active in the market.

Developers: Singapore real estate companies have started cutting prices and offering discounts on new residential projects after the government stepped up measures to curb property speculation, The Business Times reported, without citing anyone.

City Developments (CIT SP): Singapore’s second-biggest developer, lost 0.3% to $12.12. Allgreen Properties (AG SP), a Singapore-based real estate company controlled by Malaysian billionaire Robert Kuok, decreased 0.9% to $1.14. Wing Tai Holdings (WINGT SP) fell 1.2% to $1.68.

Hi-P International (HIP SP), the electronics manufacturing services provider whose clients include BlackBerry-maker Research in Motion, climbed 9.3% to $1.18. The company said sales in the fourth-quarter will be higher than the previous three months on increased demand, beating its earlier estimate. DBS Group Holdings maintained its “buy” rating and raised its share-price forecast to $1.43 from $1.30.

SATS (SATS SP), the ground-handling services provider partly owned by Temasek Holdings Pte, gained 0.7% to $2.92. The company said it handled 9.1 million passengers in the three months ended December, up 2.1% from a year ago. Freight increased 3.2% in the same period.

Singapore Technologies Engineering (STE SP), Asia’s biggest aircraft maintenance company, rose 0.9% to $3.40. Deutsche Bank AG reiterated its “buy” rating on the stock, saying the company will benefit from improving air traffic and increasing capacity of commercial airlines.

SMRT Corp. (MRT SP), the biggest commuter train operator in Singapore, climbed 1% to $2.07. DBS raised its recommendation to “hold” from “fully valued” and increased its share-price estimates to $2.15 from $1.88.