Bloomberg News

Singapore Stocks: CapitaLand, Lippo Indonesia, Sheng Siong

November 29, 2011

Nov. 29 (Bloomberg) -- Singapore’s Straits Times Index lost 0.2 percent to 2,688.10 at the close, erasing gains of as much as 0.6 percent. More than two 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 names.

CapitaLand Ltd. (CAPL SP), a developer with S$10.1 billion ($7.8 billion) of assets in China, fell 1.6 percent to S$2.49 after it agreed buy a development site in China’s Western Chongqing city with partners for 6.54 billion yuan ($1.02 billion). CapitaMalls Asia Ltd., its retail property unit and a partner in the venture, lost 0.4 percent to S$1.27.

CapitaLand shares also declined after Shanghai Securities News reported that home prices in the financial center may fall between 20 percent and 30 percent next year compared with the highest level seen in 2009, citing China Real Estate Information Corp’s head of Shanghai unit Yu Dandan.

Lippo Malls Indonesia Retail Trust (LMRT SP), the owner of shopping malls in Southeast Asia’s biggest economy, rose 2.7 percent to 37.5 Singapore cents. The company said it raised net proceeds of S$332 million ($256 million) from a rights offering, which was oversubscribed.

Sheng Siong Group Ltd. (SSG SP), a grocery-chain operator, gained 1.2 percent to 41 Singapore cents. The company plans to own at least 50 retail outlets in Malaysia, Reuters reported, citing Chief Executive Officer Lim Hock Chee. Sheng Siong is in discussions to form a joint venture with a listed company in Malaysia, according to the report.

Tiong Seng Holdings Ltd. (TSNG SP), a construction company, rose 2.8 percent to 18.5 Singapore cents after winning a contract, valued at S$189.5 million, for the construction a residential condominium.

--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


American Apparel's Future
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus