Singapore’s Straits Times Index declined 0.5% to 3,162.83 as of the 12:30 p.m. trading break. Two stocks fell for each that rose on the 30-member gauge.

Shares on the measure trade at an average 15.5 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.

Jardine Cycle & Carriage (JCNC SP), the automotive distributor that gets 89% of sales from Indonesia, dropped 2% to 38.10. Indonesia’s domestic car sales in September declined to 49,134 units from 64,762 units a month earlier, PT Astra International, a unit of Jardine Cycle, said.

 

Keppel Land (KPLD SP), the real-estate unit of Keppel Corp. (KEP SP), lost 0.7% to $4.47. The company said third-quarter net income fell 11% to $70.1 million from a year earlier.

 

Singapore Airlines (SIA SP), the world’s second- biggest carrier by market value, rose 0.3% to $15.94. Singapore’s Changi Airport handled 3.39 million passenger in September, an increase of 11% from the year before, it said in an e-mailed statement.

 

STX Pan Ocean Co. (STX SP), South Korea’s biggest bulk carrier, slipped 2.1% to $14.30. The Baltic Dry Index, which measures the cost of shipping commodities, fell 0.6% in London yesterday, extending its decline to a fourth day.

STI reverses gains, down 0.5% at 3162.23 midday, off 3193.84 high, after China’s economic data spur some investors to cash out; “the Chinese data show slower growth coupled with higher inflation, so it’s got the market a bit nervy,” says dealer at local brokerage, but adds intraday correction quite healthy after STI’s recent gains. 

UOB KayHian reiterates cautious stance “as we believe that a short-term consolidation is in play.” Advises investors buy on dips before index resumes upward trend; tips 3,042 support. 

 

Mapletree Logistics Trust (M44U.SG) +3.4% at $0.915 with spike in volume; trader cites talk of possible mistaken identity with Mapletree Industrial Trust (ME8U.SG) due to start trade after break. Keppel Land (K17.SG) off 0.7% at $4.47 after reporting fall in 3Q net profit; CapitaCommercial Trust (C61U.SG) +0.7% at $1.45. Decliners now outnumber gainers about 1.4 to one; 1.19 billion shares traded worth $1.24 billion.

Mapletree Logistics Trust (M44U.SG) +4.0% at $0.92, with volume spiking to over 43 million shares traded vs 50-day average volume of about 4 million. 

Trader at local brokerage says no obvious reason for today’s rise, though some people talking about “a case of mistaken identity.” Says retail investors may have bought counter, confusing it with Mapletree Industrial Trust (ME8U.SG), which due to start trading after lunch at 2 p.m. 

 

For Mapletree Industrial, REIT owned by Temasek Holdings’ Mapletree Investments, says gray market price around S$1.03/unit vs IPO price at $0.93; doesn’t expect REIT to rise much beyond that as price translates to yield around 6%. Offer 37.9X subscribed, could raise as much as $1.19 billion if overallotment option exercised.