The Straits Times Index dropped 1.4% to 2,320.82 at the close. Twelve stocks fell for each that gained on the 30-member gauge. The following shares were among the most active in the market today.

Palm oil suppliers: Crude palm oil for September delivery dropped as much as 4% in Kuala Lumpur today on speculation prices may decline as production increases. Wilmar International (WIL SP), the world’s biggest palm oil trader, fell 1.4% to $5.01. Golden Agri-Resources (GGR SP), the world’s second-biggest palm oil producer, slid 3.9% to 37 cents. Indofood Agri Resources, the palm oil unit of Indonesia’s biggest noodle maker, lost 1.6% to $1.23.

Ascendas Real Estate Investment Trust (AREIT SP), the second-biggest REIT traded on the Singapore Exchange, jumped 3.7% to $1.68, the highest since Nov 6. CLSA Asia Pacific Markets reiterated its “buy” rating and share price target of $1.79, saying the company may not do a rights issue, contrary to market speculation.

“We believe a rights issue is less likely as Ascendas REIT’s gearing levels at 38% seem reasonable,” Wong Yew Kiang, analyst at CLSA in Singapore, wrote in a note today.

China New Town Development Co. (CNTD SP), a developer of townships in China, dropped 8.3% to 11 cents, erasing gains of as much as 4.2%. The company said it will repurchase 382 million yuan ($80.9 million) worth of senior notes. The company will pay 229.7 million yuan in cash and 229.6 million new shares at 7.9 cents each.

Ezion Holdings (EZI SP), a provider of offshore marine logistics and support services, climbed 4.6% to 57 cents, the most since June 3. DBS Group Holdings initiated coverage of the stock, which it rated “buy” with a target price of 76 cents.

Raffles Medical Group (RFMD SP), a Singapore-based hospital operator, gained 2.6% to 99.5 cents, its highest close since June 12. The company had its share price target raised to $1.30 from $1.07 previously at Nomura Holdings Inc., which has maintained its “buy” rating.

 

Total Access Communications Pcl (DTAC SP), Thailand’s second-largest mobile-phone operator, retreated 9.6% to 99.5 cents, after rising up to 31%. The stock advanced 22% yesterday, prompting an inquiry from the exchange. “There is no change in the company that would have that kind of impact on the stock,” Thavit Sangudomlert, head of Total Access’s investor relations department, said by phone today in Bangkok.