Singapore Stocks: China Taisan, First Ship Lease, Genting

Singapore’s Straits Times Index dropped 1 percent to 2,915.97 as of the 12:30 p.m. trading break. Almost six stocks declined for each that rose on the 30-member gauge.

Shares on the measure trade at 14.7 times estimated earnings, compared with about 17.5 times at the beginning of the year, according to Bloomberg data. The following shares were among the most active in the market. Stock symbols are in parentheses after company names.

China Taisan Technology Group Ltd. (CTSAN SP), the maker of knitted fabric used in sports apparel, slumped 8.9 percent to 20.5 Singapore cents. The company said it has agreed to sell 30 million new shares at 19.5 Singapore cents to London-based Atlantis Investment Management Ltd.

First Ship Lease Trust (FSLT SP), the marine leasing company, tumbled 9.9 percent to 54.5 Singapore cents. Groda Shipping & Transportation Ltd. had asked the company to take back two oil tankers because it could no longer afford to pay the leases on the vessels, it said. The ships are under a seven- year charter agreement until Nov. 2014.

Genting Singapore Plc (GENS SP), operator of one of the resort casinos in the city-state, fell 1.1 percent to 93 Singapore cents. CLSA Asia Pacific Markets cut its share-price forecast by 14 percent to S$1.20 and trimmed sales estimates for Resorts World Sentosa. The brokerage maintained its “buy” rating.

Super Coffeemix Manufacturing Ltd. (SUPER SP), a maker of coffee and instant beverage products, gained 0.6 percent to 88 Singapore cents. Kim Eng Holdings Ltd. initiated coverage of the stock with a “buy” rating and share-price forecast of S$1.33

Thanks To : BUSINESSWEEK

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