Bloomberg News

Singapore Stocks: Freight Links, Golden Agri, Hongkong Land

September 13, 2011

Sept. 13 (Bloomberg) -- Singapore’s Straits Times Index dropped 0.5 percent to 2,729.37 at the close, wiping off gains of as much as 1.4 percent. Three stocks fell for every two that rose in the index of 30 companies.

The following shares were among the most active in the market. Stock symbols are in parentheses after the company name.

Palm-oil producers: Crude palm-oil futures for November delivery dropped as much as 1.9 percent in Kuala Lumpur today, heading for its first decline in three days.

Golden Agri-Resources Ltd. (GGR SP), the world’s second- biggest palm-oil producer by sales, lost 0.8 percent to 65 Singapore cents. Wilmar International Ltd. (WIL SP), the world’s largest palm-oil processor, slipped 1.2 percent to S$5.11.

Freight Links Express Holdings Ltd. (FLE SP), a provider of freight-forwarding and warehousing services, jumped 3.8 percent to 5.5 Singapore cents. The company said first-quarter net income increased 39 percent from a year earlier to S$3.3 million ($2.7 million).

Hiap Seng Engineering Ltd. (HSE SP), a provider of engineering services to the oil and gas industry, rose 1.8 percent to 29 Singapore cents. The company said it won a five- year contract to provide storage tanks maintenance and repair services for ExxonMobil Asia Pacific Pte. Financial details weren’t disclosed.

Hongkong Land Holdings Ltd. (HKL SP), one of the biggest landlords in the Chinese city’s central business district, slumped 4.1 percent to $5.14, the lowest close since July 2010.

JPMorgan Chase & Co. cut its rating on the stock to “underweight” from “overweight” and reduced its share-price forecast to $4.60 from $8.32. Office rents in Hong Kong may decline next year as global financial institutions retrench staff, analyst Amy Luk wrote in a note to clients.

--Editors: Jason Clenfield, John McCluskey.

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

To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net.


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