Singapore’s Straits Times Index slipped 0.6% to 2,745.07 as of the 12:30 p.m. trading break, erasing gains of as much as 0.4% earlier. Almost six stocks dropped for each that rose on the 30-member gauge.
Shares on the measure trade at 14.5 times estimated earnings, compared with about 10 times at the start of 2009, according to data compiled by Bloomberg. The following shares were among the most active in the market.
Bulk carriers: The Baltic Dry Index, which measures the cost of shipping commodities, fell 0.6% yesterday in London, snapping gains of 6.2% in the past six days.
Cosco Corp. Singapore (COS SP), the China-based shipbuilder that also operates bulk carriers, slipped 1.6% to $1.22. STX Pan Ocean Co. (STX SP), South Korea’s biggest bulk carrier, lost 0.7% to $14.32.
Fortune Real Estate Investment Trust (FRT SP), a shopping mall operator in Hong Kong, advanced 4.7% to HK$3.15 ($0.57), the biggest gain since Oct. 7. The company said it plans to seek a dual-primary listing in Hong Kong.
Hyflux (HYF SP), Singapore’s biggest water treatment company, fell 0.3% to $3.59, erasing gains of as much as 1.7%. DBS Group Holdings downgraded the stock to “hold” from “buy.” The company said full-year net income increased 27% to $75 million in 2009 from a year ago.
Rotary Engineering (RTRY SP), the maker of storage tanks for the oil and gas industry, climbed 3.1% to 99 cents. The company said fourth-quarter net income increased 36% to $26.2 million from a year ago.
Straits Asia Resources (SAR SP), the Indonesian coal miner part-owned by Thailand’s PTT Pcl (PTT TB), declined 3.3% to $2.07. Oversea-Chinese Banking Corp. downgraded the stock to “sell” from “hold” and reduced its share-price forecast to $1.73 from $2.49. The company said full-year net income rose 7% to US$133.5 million ($188.2) from a year ago.
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