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Singapore’s Straits Times Index dropped 0.1% to 3,067.11 at the close. Three stocks fell for every two that rose on the 30-member gauge.
Shares on the measure trade at an average 14.9 times estimated earnings, compared with about 17.4 times at the beginning of the year, according to Bloomberg data. The following shares were among the most active in the market.
Developers: Shares of homebuilders dropped on concern housing sales will continue to fall this month after the government announced measures to cool speculation in the property market.
Shares on the measure trade at an average 14.9 times estimated earnings, compared with about 17.4 times at the beginning of the year, according to Bloomberg data. The following shares were among the most active in the market.
Developers: Shares of homebuilders dropped on concern housing sales will continue to fall this month after the government announced measures to cool speculation in the property market.
“With the property cooling measures taking effect from Aug. 30, we expect sales in September to soften further, especially in the private mass housing segment,” Paul Lian, an analyst Goldman Sachs Group Inc., wrote in a note to clients. Developers sold 1,248 new homes in August, compared to 1,549 in July, a government report released yesterday showed.
City Developments (CIT SP), Singapore’s second-biggest homebuilder, slipped 0.5% to $11.60. Keppel Land (KPLD SP), the property arm of the world’s largest builder of oil-rigs, declined 2.6% to $4.07. Allgreen Properties (AG SP), controlled by Malaysian billionaire Robert Kuok, fell 0.9% to $1.13.
Hospitals: Standard Chartered Plc said it expects earnings in the healthcare industry to grow strongly, supported by demand from foreign patients and Singapore’s growing resident population.
The bank initiated coverage of hospital operators Raffles Medical Group (RFMD SP) andThomson Medical Centre (THOM SP) with an outperform rating. Raffles Medical advanced 3.7% to $2.27. Thomson Medical surged 8.4% to 96.5 cents.
Lenders: The Singapore interbank offered rate’s decline to a record low threatens to reduce banks’ income from lending, the Business Times reported today.
DBS Group Holdings (DBS SP), Southeast Asia’s biggest lender, fell 0.4% to S$14. United Overseas Bank (UOB SP), Singapore’s second-biggest lender, declined 0.9% to S$18.58.
BH Global Marine (BHGM SP), a supplier of equipment to the shipping and ship repair industry, advanced 4.6% to 34.5 cents. The company said its proposal to list Taiwan Depository Receipts has been approved.
Genting Singapore Plc (GENS SP), operator of one of two casino resorts in the city, jumped 3.1% to $2.03, a record close. Citigroup Inc. raised its share-price forecast to $2.45 from S$1.55 and maintained its “buy” rating.
Olam International (OLAM SP), one of the world’s three biggest suppliers of cotton, dropped 1.3% to $2.98. Cotton futures dropped the most in two months on concern that textile mills will slow purchases after prices reached a 15-year high.
Singapore Telecommunications (ST SP), Southeast Asia’s biggest phone company, rose 0.7% to $3.09. Morgan Stanley raised the stock to “overweight” from “equal-weight” and increased its share-price forecast to $3.60 from $3.30.
