Bloomberg News

Singapore Stocks: Cosco Corp., ST Engineering, Sembcorp Marine

February 24, 2012

Feb. 24 (Bloomberg) -- Singapore’s Straits Times Index gained 0.3 percent to 2,978.08 at the close. Two shares rose for each that fell in the 30-member gauge. The measure dropped 0.8 percent this week, snapping a seven-week rally, the longest run of weekly gains since October 2010.

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

Cosco Corp. Singapore Ltd. (COS SP), the shipbuilding unit of China’s biggest shipping company, slid 1.6 percent to S$1.21 after reporting full-year net income declined 44 percent to S$139.7 million ($111 million).

Sembcorp Marine Ltd. (SMM SP) gained 0.6 percent to S$5.26 after the world’s second-largest builder of oil platforms posted fourth-quarter profit that beat estimates. The company said net income fell 4.3 percent from a year earlier to S$229 million compared with the S$193.7 million average of 10 analysts’ estimates in a Bloomberg survey.

Singapore Technologies Engineering Ltd. (STE SP), Asia’s leading aircraft maintenance company, climbed 1.6 percent to S$3.13. The company, also known as ST Engineering, said full- year net income rose 7 percent to S$527.5 million.

United Overseas Bank Ltd. (UOB SP) slid 1.6 percent to S$18.11 after Southeast Asia’s third-largest lender reported a 21 percent drop to S$558 million in fourth-quarter profit from a year earlier. Seven analysts surveyed by Bloomberg had expected a S$593.8 million gain.

--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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