Bloomberg News

Singapore Stocks: Noble Group, Creative Technology, Tiger Air

November 17, 2011

Nov. 17 (Bloomberg) -- Singapore’s Straits Times Index fell 0.7 percent to 2,788.10 as of 1:15 p.m. local time. Six shares 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 names.

Commodity suppliers: Noble Group Ltd. (NOBL SP) and Olam International Ltd. (OLAM SP) declined after UOB-Kay Hian Holdings Ltd. lowered its rating on the industry to “market- weight” from “overweight,” citing the risk of falling prices for commodities such as soybeans and sugar canes.

Noble, a Hong Kong-based commodity supplier, fell 1.3 percent to S$1.185. Olam, an agricultural commodities supplier, dropped 2.1 percent to S$2.34.

Exporters: Singapore’s exports fell the most in more than two years in October as a slowing global economy curbed demand for electronics products.

Creative Technology Ltd. (CREAF SP), the maker of digital music players that competes with Apple Inc.’s iPods, fell 1.5 percent to S$2.63. Hi-P International Ltd. (HIP SP), an electronics manufacturer whose clients include BlackBerry-maker Research in Motion Ltd., lost 0.7 percent to 68 Singapore cents.

Adampak Ltd. (AMPK SP), a manufacturer of packaging materials, dropped 8.3 percent to 22 Singapore cents after reporting third-quarter net income declined 28 percent.

Sheng Siong Group Ltd. (SSG SP), a grocery-chain operator, added 1.2 percent to 42 Singapore cents. The company agreed to sell an industrial property it previously used as its headquarters for S$15 million.

Tiger Airways Holdings Ltd. (TGR SP), the budget carrier partly owned by Singapore Airlines Ltd. (SIA SP), fell 1.4 percent to 69 Singapore cents. UBS AG reiterated its “sell” rating and cut its share-price forecast by 17 percent to 58 Singapore cents, saying it expects more losses from Australia.

--Editors: Nick Gentle, 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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