Bloomberg News

Singapore Stock Movers: CapitaLand, Marco Polo Marine, SingTel

February 09, 2012

Feb. 9 (Bloomberg) -- Singapore’s Straits Times Index fell 1.03 point, or less than 0.1 percent, to 2,981.17 at the close. About the same number of shares dropped and 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.

CapitaLand Ltd. (CAPL SP), Southeast Asia’s biggest developer, climbed 3.5 percent to S$2.95, the highest close since July 27. CIMB Group Holdings Bhd. raised its rating on the stock to “outperform” from “neutral,” saying potential monetary easing in China will drive the share price higher.

IPC Corp. (IPC SP), a property developer, jumped 15 percent to 23 Singapore cents, after surging 64 percent yesterday. The company said businessman Oei Hong Leong bought an additional 19.5 million shares yesterday, raising his stake in the company to 23.4 percent.

Marco Polo Marine Ltd. (MPM SP), a shipping and shipbuilding company, lost 2.6 percent to 38 Singapore cents after aborting a proposed listing of Taiwan Depositary Receipts because of weak market conditions.

Otto Marine Ltd. (OTML SP) advanced 5.3 percent to 17.9 Singapore cents after the shipbuilder won a three-year vessel charter contract, valued at $20.8 million.

Singapore Telecommunications Ltd. (ST SP), Southeast Asia’s biggest phone company, slipped 1.6 percent to S$3.06, extending losses for a second day after unit Bharti Airtel Ltd. yesterday unexpectedly reported a decline in third-quarter profit.

--Editor: Nick Gentle

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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