Barefoot Investor: Singapore Straits Times Index ( STI ) falls 0.4% to 3,171.55 at closing

Singapore’s Straits Times Index fell 0.4% to 3,171.55 at the close. Five stocks dropped for each that rose in the gauge of 30 companies.

Shares on the measure trade at an average 14.7 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.

Developers: Shares of the nation’s biggest real-estate companies declined on concern the government will introduce additional measures to curb property prices after government data released last week showed the growth in housing prices in the second quarter moderated. “Private home prices continued its upward trend despite cooling measures,” Fera Wirawan and Bryan Lim, analysts at Royal Bank of Scotland Plc, wrote in a note to clients dated July 22. “We believe that the government may look to introduce further measures to curb the exuberance.”
CapitaLand (CAPL SP), Southeast Asia’s biggest developer by market value, slipped 1% to $2.92. City Developments (CIT SP), the second-largest homebuilder in the city-state, dropped 1.7% to $10.74.
Jardine Cycle & Carriage (JCNC SP), the automotive distributor that gets about 89% of sales from Indonesia, climbed 2.8% to $48.72. Toyota Astra Motor, a unit of Jardine Cycle’s PT Astra International, is confident it can maintain its share of the Indonesia car market at 36%, Marketing Director Joko Trisanyoto said on July 22. Toyota Astra sold 152,283 vehicles in the first half, compared to 140,396 in the same period a year earlier.
Midas Holdings (MIDAS SP), a supplier of aluminum alloy profiles used in train carriages in China, slumped 3.9% to 61 cents on speculation a deadly high-speed train accident will prompt the Chinese government to slow construction and reduce investments. The accident is “hugely negative” for the nation’s railway infrastructure-related companies, including Midas, Tan Han Meng, an analyst at DMG & Partners Securities Pte, wrote in a note to clients.
Nera Telecommunications (NERT SP), a supplier of wireless equipment to the telecommunications industry, fell 3.9%to 37 cents. The company said second-quarter net income declined 16% to $2.5 million from a year earlier.
SATS (SATS SP), the ground-handling services provider partly owned by Temasek Holdings, lost 1.5% to $2.58. The company said Chief Executive Officer Clement Woon resigned to pursue his “personal interests.” Tan Chuan Lye, executive vice president, was named as the acting CEO while the company starts a global search. (The Edge Singapore)


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