Singapore’s Straits Times Index declined 2% to 3,126.30 at the close, the biggest drop since May 25. Twenty-nine stocks fell in the benchmark equity index of 30 companies.
Shares on the measure trade at an average 15.3 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. Stock symbols are in parentheses after the company name.
Palm-oil producers: Crude palm oil for February delivery dropped as much as 2.5% in Kuala Lumpur today.
Golden Agri-Resources (GGR SP), the world’s second- biggest palm-oil producer, slumped 4.2% to 68.5 cents. Indofood Agri Resources (IFAR SP), the palm-oil unit of Indonesia’s biggest noodle maker, dropped 3.8% to $2.53.
Wilmar International (WIL SP), the world’s biggest palm oil trader, declined 2.1% to $6.02. Deutsche Bank AG lowered its rating to “hold” from “buy”.
Olam International (OLAM SP), one of the world’s three biggest cotton traders, sank 3.1% to $3.10. Cotton declined to a four-week low as China, the world’s biggest consumer, took steps to curb speculative trading and cool its economy, eroding demand from textile producers.
StarHub (STH SP), Singapore’s second-biggest phone company, fell 0.8% to $2.66. Citigroup Inc. lowered its rating on the stock to “sell” from “hold”.
STX Pan Ocean Co. (STX SP), South Korea’s biggest bulk carrier, slipped 1.4% to $13.90 after North Korea fired artillery shells into South Korea, injuring 14 soldiers.
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