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Singapore’s Straits Times Index slipped 0.2% to 2,981.88 as of the 12:30 p.m. trading break, trimming this week’s advance to 1.5%. Five stocks dropped for each that rose on the 30-member gauge.
Shares on the measure trade at an average 14.5 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.
Shares on the measure trade at an average 14.5 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.
Singapore lenders: Recommendations for Singapore DBS Group Holdings(DBS SP), Oversea-Chinese Banking Corp. (OCBC SP) and United Overseas Bank (UOB SP) have been cut by Citigroup Inc., which said earnings growth at the three banks will moderate in the second half.
United Overseas Bank, Singapore’s second-biggest lender, dropped 0.5% to $18.52. Oversea-Chinese Banking, owner of the nation’s No. 1 insurer, lost 0.1% to $8.79. Citigroup cut the ratings for the two banks to “sell” from “buy.” DBS Group, whose rating was cut to “hold” from “buy” at Citigroup, slipped 0.3% to $14.12.
Singapore Exchange (SGX SP), the operator of the city’s bourse, rose 0.4% to $7.56. The company said overall derivatives trading volumes increased 19% in August from a year earlier. Securities trading jumped 10% from July.
Tiger Airways Holdings (TGR SP), the discount carrier part-owned by Singapore Airlines (SIA SP), slipped 1% to $1.94 after the Royal Bank of Scotland Plc cut the stock to “sell” from “hold” and reduced its share-price forecast to $1.58 from $1.95. Singapore Air, the world’s second-biggest carrier by market value, lost 0.4% to $15.46.
Yangzijiang Shipbuilding Holdings (YZJ SP), a China- based shipbuilder, gained 1.3% to $1.62. Nomura Holdings Inc. raised the stock to “buy” from “reduce” and increased its share-price forecast to $1.94 from 75 cents.
