Singapore Stocks: Neptune Orient Lines, Wilmar, Yoma Strategic
31/01/2012 (Bloomberg) - Singapore’s Straits Times Index dropped 1 percent to 2,888.29 at the close of trading. About four shares fell for each that rose in the 30-member gauge.
The following were among the most active shares in the market. Stock symbols are in parentheses after company names.
Export-related stocks: Shipping companies and electronics manufacturers dropped after a report showed the U.S. economy grew at a slower pace in the fourth quarter than economists estimated.
Neptune Orient Lines Ltd. (NOL SP), a container carrier that counts the Americas as its biggest market, fell 3 percent to S$1.28. Hi-P International Ltd. (HIP SP), which assembles BlackBerry smartphones, slid 2.2 percent to 65.5 Singapore cents. STATS ChipPAC Ltd. (STAT SP), a chip tester that gets about 72 percent of revenue from the U.S., lost 1 percent to 48 Singapore cents.
Palm-oil producers: Crude palm-oil futures for April delivery decreased as much as 1.6 percent in Kuala Lumpur today.
Wilmar International Ltd. (WIL SP), the world’s largest palm-oil processor, slid 1.1 percent to S$5.39. First Resources Ltd. (FR SP), which operates plantations in Indonesia, slipped 0.9 percent to S$1.645.
Mapletree Industrial Trust (MINT SP), an industrial landlord partly owned by Temasek Holdings Pte, gained 3.2 percent to S$1.115. UBS AG reiterated its “buy” rating on the stock, citing improving occupancy and rents.
Yoma Strategic Holdings Ltd. (YOMA SP), a developer of properties in Myanmar, surged 29 percent to S$35.5, its highest close since February 2007, on prospects the company will prosper from reforms in the country. The government there is drafting a law on tax incentives to attract foreign investors, the economic minister was quoted as saying by the Bangkok-based The Nation newspaper today.