Bloomberg News

Singapore Stocks: Jardine Cycle, Jardine Strategic, Keppel Land

December 14, 2011

Dec. 14 (Bloomberg) -- Singapore’s Straits Times Index slipped 0.3 percent to 2,678.50 as of 11:16 a.m. local time. About the same number of shares rose and fell in the gauge of 30 companies.

The following were among the most active shares in the market. Stock symbols are in parentheses after the company names.

Jardine Cycle & Carriage Ltd. (JCNC SP), the automotive distributor that counts Indonesia as its biggest market, fell 2.1 percent to S$48.28. Its subsidiary, PT Astra International (ASII IJ), Indonesia’s biggest automotive retailer, said yesterday the nation’s domestic vehicle sales fell to 67,656 units in November from 86,346 units a month earlier and from 69,249 units a year earlier.

Jardine Strategic Holdings Ltd. (JS SP), the operator of supermarkets, automotive distributors and hotels, declined 1.7 percent to $28.60. UBS AG initiated coverage of the stock with a “sell” rating, saying the company’s strong fundamentals had already been priced in. Jardine Strategic has gained 5.1 percent this year through yesterday, compared with a 16 percent drop for the Straits Times Index. Jardine Matheson Holdings Ltd. (JM SP), which UBS rated as “neutral” in a new coverage, dropped 1.4 percent to $46.84.

Keppel Land Ltd. (KPLD SP), the real estate unit of Keppel Corp. (KEP SP), fell 1.3 percent to S$2.26 after buying 539.4 million K-REIT Asia Trust shares for S$458.5 million ($351 million).

--Editor: Jim Powell.

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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