Bloomberg News

Singapore Stocks: CDL Hospitality, Neptune Orient, STATS ChipPAC

February 01, 2012

Feb. 1 (Bloomberg) -- Singapore’s Straits Times Index dropped 0.4 percent to 2,896.25 as of 11:45 a.m. local time. Two stocks fell for each that rose in the 30-member gauge.

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

CDL Hospitality Trusts (CDREIT SP), the operator of hotels in Singapore, Australia and New Zealand, fell 2.5 percent to S$1.73. Citigroup Group Inc. cut its rating to “sell” from “neutral,” citing slowing tourist arrivals.

Neptune Orient Lines Ltd. (NOL SP), Southeast Asia’s biggest container carrier, climbed 3.1 percent to S$1.34, tracking gains among the region’s biggest shipping companies on speculation rising cargo rates will boost earnings.

STATS ChipPAC Ltd. (STAT SP), a provider of chip-testing and packaging services, dropped 1.9 percent to 51.5 Singapore cents after posting a fourth-quarter loss of $46 million, compared with a gain of $19 million a year earlier. The company said it booked $55.5 million in impairment charges from flood damage to its facility in Thailand.

--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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