Some Singapore Property stocks, Genting, NOL, SPH, Wilmar

Feb 22: Property stocks, Genting, NOL, SPH

Written by The Edge
Monday, 22 February 2010 08:24

Last Friday, the Straits Times Index dropped 0.4% to 2,757.14.

Asian investors are likely to be wary ahead of the opening of Shanghai shares on Monday after a week-long holiday for the Lunar New Year, but last week’s gains on Wall Street could offset any negative sentiment.

The following companies may have unusual price changes in trading today. Prices are from Friday’s close.

Property stocks could be hit after the government imposed a new stamp duty on homes sold within one year of purchase and capped the maximum housing loan at 80% of the property value, measures aimed at cooling the property market.

CapitaLand (CAPL SP), Southeast Asia’s biggest developer, lost 0.5% to $3.90. City Developments (CIT SP), the island-nation’s second-biggest developer, dropped 1.5% to $10.82. Keppel Land (KPLD SP), the developer part-owned by Keppel Corp. (KEP SP), declined 1.8% to $3.37.

Palm-oil suppliers: Crude palm oil for May delivery dropped 0.2% in Kuala Lumpur on Feb. 19, taking losses in the past two days to 1.2%. Golden Agri-Resources (GGR SP), the world’s second-biggest palm oil producer, slid 0.9% to 54.5 cents. Wilmar International (WIL SP), the world’s biggest palm oil trader, gained 1.3% to $6.39.

Genting Singapore Plc. (GENS SP): The owner of Singapore’s first casino said its net loss doubled to $277.6 million last year from $124.8 million in 2008 as gambling revenue in London declined and staff costs increased. Genting fell 1.1% to 94 cents.

Neptune Orient Lines (NOL SP): Southeast Asia’s biggest container carrier said its APL unit will raise rates on intra-Asian routes from March 1. NOL slipped 0.6% to $1.66.

Singapore Press Holdings (SPRM.SI) announced early today it was setting up a $1 billion multi-currency notes programme and will sell at least $300 million of five bonds via lead manager OCBC (OCBC.SI).

Bulk carriers: The Baltic Dry Index, which measures the cost of shipping commodities, gained 0.4% in London on Feb. 19, extending a four-day rally to 5.8%. Cosco Corp. Singapore (COS SP), a China-based shipbuilder that also operates bulk carriers, was unchanged at $1.27. STX Pan Ocean Co. (STX SP), South Korea’s biggest bulk carrier, dropped 1.3% to $13.80.

http://www.theedgesingapore.com/the-daily-edge/business/12720-feb-22-property-stocks-genting-nol-sph.html