Bloomberg News

Singapore Stocks: CapitaMall, Golden Agri, Midas, Sunpower

September 28, 2011

Sept. 28 (Bloomberg) -- Singapore’s Straits Times Index dropped 0.9 percent to 2,701.17 at the close. Six stocks fell for each 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 December delivery dropped as much as 2.1 percent in Kuala Lumpur today.

Golden Agri-Resources Ltd. (GGR SP), the world’s second- biggest palm-oil producer by sales, sank 3.1 percent to 63 Singapore cents. Indofood Agri Resources Ltd. (IFAR SP), the plantation unit of Indonesia’s No. 1 noodle maker, slid 2.7 percent to S$1.27.

CapitaMall Trust (CT SP), Singapore’s biggest retail property trust, declined 1.9 percent to S$1.855. Daiwa Securities Group Inc. lowered its rating on the stock to “hold” from “outperform,” saying valuations are less attractive compared with office landlords and hotel operators.

Midas Holdings Ltd. (MIDAS SP), a supplier of aluminum alloy profiles used in train carriages in China, dropped 2.5 percent to 39 Singapore cents. A Shanghai subway train rammed into the back of another locomotive yesterday, sparking speculation China will slow its rail expansion. China has slashed rail construction since 40 people were killed in a high- speed crash in July.

Sunpower Group Ltd. (SPWG SP), a maker of energy saving and environmental protection devices, added 2.3 percent to 22 Singapore cents. The company said it won a contract, valued at $8.5 million, to supply heat recovery equipment to JSW Steel Ltd. (JSTL IN), the third-biggest steel maker in India by sales.

--Editor: Nick Gentle

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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