Bloomberg News

Singapore Stocks: CapitaCommercial, Grand Banks, Keppel Corp.

October 13, 2011

Oct. 13 (Bloomberg) -- Singapore’s Straits Times Index fell 0.1 percent to 2,733.97, the first decline in six days. The same number of stocks rose and fell 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 names.

CapitaCommercial Trust (CCT SP), an office landlord partly owned by CapitaLand Ltd. (CAPL SP), rose 2.8 percent to S$1.10 after posting third-quarter results and saying the occupancy rate at its properties was 97 percent as of Sept. 30.

Cambridge Industrial Trust (CREIT SP), an industrial landlord, added 1.1 percent to 46 Singapore cents. The company said third-quarter distributable income climbed 19 percent from a year earlier to S$12.9 million ($10 million).

Keppel Corp. (KEP SP), the world’s biggest builder of oil platforms, gained 1.9 percent to S$8.58. Phillip Securities raised its rating on the stock to “buy” from “hold,” saying the company could win additional orders from Petroleo Brasileiro SA.

Grand Banks Yachts Ltd. (GBY SP), a yacht maker, dropped 1.6 percent to 31.5 Singapore cents. The company said its shareholders rejected the takeover bid by Investindustrial Asian Development Holdings SA. The investor, which offered to buy the company at 33 Singapore cents a share, won’t proceed with the acquisition, it said.

World Precision Machinery Ltd. (BWPM SP), a supplier of stamping machines, advanced 1 percent to 51 Singapore cents. The company said it received an order valued at 26 million yuan ($4.1 million) from automotive parts and appliance manufacturers.

--Editors: Jim Powell, Jason Clenfield.

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 in Hong Kong at ngentle2@bloomberg.net


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