Bloomberg News

Singapore Stocks: CapitaCommercial, Cosco, SembCorp Marine

January 07, 2009

Singapore’s Straits Times Index finished 33.08 points lower, or 1.7 percent, to 1,880.58, giving up earlier gains of as much as 2.4 percent. Five stocks fell for every two that gained in the 30-member benchmark index.

CapitaCommercial Trust (CCT SP), the Singapore office landlord, jumped 6.5 cents, or 7 percent, to S$1, the highest close since Nov. 10. It agreed to a three-year, S$580 million ($394 million) loan with five banks to refinance its borrowings, CapitaCommercial said.

Golden Agri-Resources Ltd. (GGR SP), the world’s second- largest oil-palm grower, rose 1 Singapore cent, or 3.4 percent, to 30.5 cents. Palm oil futures in Kuala Lumpur climbed to the highest in three months, rising as much as 3.9 percent.

Noble Group Ltd. (NOBL SP), a Hong Kong-based supplier of raw materials, rose 2 cents, or 1.7 percent, to S$1.20. Copper futures for March delivery jumped 8.5 percent in New York, the most since Dec. 8, amid speculation U.S. President-elect Barack Obama’s $775 billion economic stimulus plan will lift demand for materials.

SembCorp Marine Ltd. (SMM SP), the world’s second-biggest builder of oil rigs, dropped 5 cents, or 2.5 percent, to S$1.92, snapping a three-day, 17 percent rally. BNP Paribas cut its share-price estimate for SembCorp Marine to S$2.23 from S$2.50, saying contributions from its stake in Cosco Corp. Singapore Ltd. (COS SP) and Cosco Shipyard Group will be reduced. Cosco Singapore, a China-based shipbuilder, dropped 3.5 Singapore cents, or 3.5 percent, to 96.5 cents.

DMG & Partners Securities also lowered its rating on SembCorp Marine to “neutral” from “buy” on renewed concern the company will be hurt by order cancellations.

Straits Asia Resources Ltd. (SAR SP), a Singapore-listed coal mining company, gained half a Singapore cent, or 0.6 percent, to 92 cents, its fourth day of advances. UBS AG raised its share-price estimate to S$2.80 from S$2.10, saying that the company is its top pick among Indonesian coal miners because it has already negotiated prices for 75 percent of its 2009 production.

To contact the reporter on this story: Chen Shiyin in Singapore at schen37@bloomberg.net; Jonathan Burgos in Singapore at jburgos4@bloomberg.net

To contact the editors responsible for this story: Darren Boey at dboey@bloomberg.net


Hollywood Goes YouTube
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus