Friday, August 5, 2011

STI sinks 3.6% to 2,994.78 at closing

STI sinks 3.6% to 2,994.78 at closing

FRIDAY, 05 AUGUST 2011 17:47

Singapore’s Straits Times Index sank 3.6% to 2,994.78 at the close, the most since March 2009. All stocks in the index of 30 companies dropped. The measure slumped 6.1% this week, the biggest weekly drop since February 2009.

Shares on the measure trade at an average 13.7 times estimated earnings, compared with about 15.6 times at the end of 2010, according to data compiled by Bloomberg.The following shares were among the most active in the market.

Commodity suppliers: The Thomson Reuters/Jefferies CRB Index, which tracks prices of 19 commodities from copper to corn, declined 2.8% in New York yesterday, extending its drop for a second day. Noble Group (NOBL SP), a Hong Kong- based supplier of energy, food and mining commodities, plunged 6.9% to $1.625. Olam International (OLAM SP), a Singapore-based supplier of agricultural commodities, fell 4.5% $2.53.

Hyflux (HYF SP), Singapore’s biggest water treatment company, slipped 3.6% to $1.88. The company said first- half net income dropped 35% from a year earlier to $21.9 million.

Tiger Airways Holdings (TGR SP), the budget carrier partly owned by Singapore Airlines (SIA SP), tumbled 7.8% to $1.06. The company said it had a first-quarter net loss of $20.6 million, compared with $1.9 million profit a year earlier. Separately, the resumption of the company’s flights in Australia has been delayed as court proceedings have been adjourned to Aug. 11, it said. Regulators grounded Tiger flights on July 1 because of safety concerns.

Venture Corp. (VMS SP), Singapore’s biggest publicly traded provider of electronics manufacturing services provider, lost 0.8% to $7.21. The company said second-quarter net income slid 8.4% from a year earlier to $42 million.

Source: The Edge

Wow! What a sight...I'm left with only high dividend stocks now.

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