STI falls 1% to close at 1,783.96

he Straits Times Index dropped 1% to 1,783.96 at the close. Four stocks declined for every three that advanced among the gauge’s 30 constituents. The following companies were among the most active in the stock market today, reported Bloomberg.

Commodity suppliers: The Reuters/Jefferies CRB Index of 19 commodities fell 0.7% yesterday in New York, its second-consecutive drop. Palm oil for June delivery slipped as much as 1.2% in Kuala Lumpur today. Olam International (OLAM SP), a supplier of agricultural commodities, dipped 1.9% to $1.59. Wilmar International (WIL SP), the world’s biggest palm oil trader, lost 1.5% to $3.27. Noble Group (NOBL SP), a Hong Kong-based commodity supplier, declined 0.8% to $1.21.

CapitaLand (CAPL SP), Southeast Asia’s biggest developer, slipped 2.7% to $2.47. Oversea-Chinese Banking Corp. downgraded its rating to “hold” from “buy”.

Neptune Orient Lines (NOL SP), Southeast Asia’s biggest container carrier, slumped 6.7% to $1.26. The company’s Chief Executive Officer Ron Widdows told The Financial Times that an oversupply of container ships has left companies that own them in a worse position than dry bulk carriers.

SembCorp Marine (SMM SP), the world’s second-biggest oil-rig builder, declined 1.5% to $1.97. ABN Amro Holding NV downgraded its rating to “hold” from “buy” and maintained its share-price target to $2.10.

Source:The edge
Singapore Petroleum Co. (SPC SP), the city’s only publicly traded oil refiner and explorer, slid 1.3% to $2.98. Crude-oil futures fell 2.7% to US$47.83 a barrel in Asian trading, its fourth-straight day of declines.

Singapore Press Holdings (SPH SP), the city’s biggest newspaper publisher, gained 1.2% to $2.65. The company is likely to maintain a dividend of 8 cents a share when it announces earnings for the second quarter ended February on April 13, Andy Sim, analyst at DBS Group Holdings , wrote in a note today. Sim expects Singapore Press’ second-quarter operating profit to fall 12% to $103 million due to a drop in advertising revenue.

SMRT Corp. (MRT SP), the city’s biggest commuter train operator, gained 3.4% to $1.53. Train ridership is expected to grow 3.5% in the year ending March 2010, supported by the extension of the existing railway in the western part of the city-state and opening of the new circle line, BNP Paribas analyst Damien Chua wrote in a note yesterday.

Straits Trading Co. (STRTR SP), which has interests in tin smelting and property leasing, slipped 2.5% to $3.12. The company said Victoria Tse has retired as group chief financial officer. Financial controller Eldon Wan will assume Tse’s responsibilities, it said.

STX Pan Ocean Co. (STX SP), South Korea’s biggest bulk carrier, dipped 1.5% to $11.90. The Baltic Dry Index, which measures the cost of shipping commodities, fell 1.4% in London yesterday, its 20th day of declines and the longest losing streak since Nov 4.