Bloomberg News

Singapore Stocks: Keppel Corp., STX Pan Ocean, Tiger Airways

October 21, 2011

Oct. 21 (Bloomberg) -- Singapore’s Straits Times Index gained 0.7 percent to 2,712.41 at the close, trimming the weekly decline to 1.2 percent. Four stocks rose for each that 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.

Ascott Residence Trust (ART SP), the serviced-apartment unit of CapitaLand Ltd. (CAPL SP), advanced 1 percent to S$1.02. The company said it will pay a dividend of 2.23 Singapore cents per share for the third quarter, compared with 1.85 Singapore cents a year earlier.

Keppel Corp. (KEP SP), the world’s biggest builder of oil rigs, rose 1.9 percent to S$8.95. The company said third-quarter net income climbed 33 percent from a year earlier to S$406.1 million ($320 million), beating the average estimate of S$357.3 million by three analysts surveyed by Bloomberg.

STX Pan Ocean Co. (STX SP), South Korea’s largest bulk- shipping line, slumped 7.7 percent to S$7.73, and STX OSV Holdings Ltd. (SOH SP), the world’s biggest maker of oil-rig support vessels by sales, tumbled 9.3 percent to S$1.02 even as parent STX Group rejected speculation the companies may sell shares.

“There were rumors about the group planning to sell shares and bonds because they may be short of funds,” said Um Kyung A, an analyst at Shinyoung Securities Co. in Seoul. She said STX officials told her the rumors were untrue. “There is no financial problem at STX,” the group said in an e-mailed reply to Bloomberg News queries.

Tiger Airways Holdings Ltd. (TGR SP), the budget carrier partly owned by Singapore Airlines Ltd. (SIA SP), increased 1.5 percent to 67.5 Singapore cents. Tiger Air and Thai Airways International Pcl are still interested in establishing a joint venture budget airline in Thailand, the Straits Times reported, citing Tiger Air Chief Executive Officer Chin Yau Seng.

--Editors: Jim Powell, Lars Klemming

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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