Singapore stocks may open lower on Tuesday after US stocks fell in the year's lightest volume overnight, with worries about the pace of economic recovery overshadowing data showing a rise in consumer spending and income. The Straits Times Index gained 0.6% to 2,957.06 yesterday.
Palm-oil suppliers: Crude palm oil for November delivery increased 1.1% in Kuala Lumpur yesterday, extending its three-day advance to 3.4%. Golden Agri-Resources (GGR SP), the world’s second-biggest palm-oil producer, climbed 3.7% to 55.5 cents.Wilmar International (WIL SP), the world’s biggest palm-oil trader, gained 0.8% to $6.26.
City Developments (CIT SP): Singapore’s second-biggest developer was cut to “sell” from “hold” at Deutsche Bank AG. The stock declined 4.2% to $11.46.
Kim Eng Holdings (KEH SP): The Singapore-based brokerage said it has discontinued discussions on possible investment and partnership with Malaysia’s Inter-Pacific Securities Sdn. Kim Eng was unchanged at $1.67.
United Industrial Corp. (UIC SP): The office landlord and hotel operator partly controlled by Singapore’s fourth-largest developer by assets said it will redevelop an office building in the Raffles Place central business district. The company said it has paid the government $160 million to build a residential and commercial complex on the property. Its shares slipped 0.5% to $2.18.
Yangzijiang Shipbuilding Holdings (YZJ SP): The China-based shipbuilder said it won 28 shipbuilding contracts valued at US$915 million ($1.2 billion) since July. The stock gained 1.3% to $1.55.
Singapore energy services firm Ezra Holdings (EZRA.SI) has requested a trading halt pending announcement.