Singapore Stocks Fall as Chartered, Electronics Follow Nasdaq
By Chan Sue Ling and Simon Grose-Hodge
Singapore, Sept. 11 (Bloomberg) -- Singapore stocks fell for a fifth day, led by Chartered Semiconductor Manufacturing Ltd. as investors fret declines by U.S. peers may mean fewer orders from the U.S.
``Everybody is worried there's going to be a slowdown in the U.S. and that impact may be greater than originally expected,'' said Sheree Tan, a director of Morley Fund Management (Singapore) Ltd., who helps manage $2.1 billion. ``If the U.S. slows down, Asia as a whole will be affected because growth here has been driven by investments in the electronics cycle.''
She said she may shift more money in coming weeks to North Asia from Southeast Asian markets.
Venture Manufacturing Ltd. also dropped on concern the city- state's third-largest electronics manufacturer may report disappointing first half earnings, analysts and traders said.
The Straits Times Index fell 15.44, or 0.7 percent, to 2119.61, taking its losses over the past five trading days to 3.2 percent. Overall, 281 stocks fell, 57 rose and 111 were unchanged. About 202 million shares worth S$378 million ($218 million) were traded, less than the six months full-day average of 388 million shares.
Shares of the following companies were active on the Singapore Exchange. The stock symbol follows the company name.
Stocks which are also traded in the U.S. fell after their American depositary receipts dropped, tracking other U.S. stocks lower following evidence of slowing profit growth. Chartered Semiconductor Manufacturing Ltd. (CSM SP ), which relies on the U.S. for 59 percent of its sales in the year ended June, fell 60 cents, or 4.6 percent, to S$12.40. It contributed to most of the fall on the key stock index. Creative Technology Ltd. (CREAF SP ), the world's biggest soundcard maker, fell 70 cents, or 1.9 percent, to S$36.70. ST Assembly Test Services Ltd. (STAT SP ) lost 12 cents, or 3.2 percent, to S$3.60.
Electronics stocks also dropped after the U.S. Nasdaq Composite Index shed 2.9 percent. The Nasdaq is mostly made up of electronics-related companies, some of which Singapore companies rely on for orders. As a group, electronics stocks lost 1.6- percent. Omni Industries Ltd. (OMND SP ), Singapore's third-largest contract electronics manufacturer, lost 4 cents, or 1.1 percent, to S$3.60. GES International Ltd. (GES SP ), the island's biggest publicly traded electronics distributor, fell 3 cents, or 1.8 percent, to S$1.60.
Venture Manufacturing Ltd. (VMS SP ), fell 80 cents, or 3.8 percent, to S$20.50, on concern first-half earnings may disappoint, analysts and traders said. The company, the city- state's third-largest electronics manufacturer by market value, is expected to release its results today at 5 p.m. Singapore time.
Allgreen Properties Ltd. (AG SP ), a Singapore developer controlled by Malaysian tycoon Robert Kuok, dropped 7 cents, or 4.9 percent, to S$1.36. It said first-half profit fell 12 percent to S$40 million ($23.2 million), or 3.8 cents a share, from S$45.5 million, or 5.2 cents, compared to the same period a year ago. The company expects lower profit for this year.
Datacraft Asia Ltd. (DAT SP ), which set up a quarter of Asia's communications networking systems, added 5 cents, or 0.6 percent, to $8.80. It said it was awarded a S$25 million ($14.4 million) contract by DBS Bank to build a network for communication between computer systems using Internet technology.
Federal International Ltd. (FEDI SP ) fell 4 cents, or 13.3 percent, to 26 Singapore cents. The company sold 44 million new shares, of which 35.2 million shares were sold to large or institutional investors and 4.4 million shares were sold to the public at 30 Singapore cents each. Another 4.4 million shares were sold to employees and business associates at 29 Singapore cents.
MediaRing.com Ltd. (MR SP ) an Internet telephony company, gained 1 cent, or 2 percent, to 50 Singapore cents. It said it aims to make a profit within two years, rather than five by focusing on business clients instead of online advertisements and seeking investors globally, the Business Times reported, citing chief executive Ng Ede Phang.
Orchard Parade Holdings Ltd. (OPH SP ), a hotel operator and property developer, fell half a cent, or 0.7 percent, to 69.5 Singapore cents. It swung to a loss of S$10 million ($5.8 million) for the six months ended June 30, from a gain of S$17 million a year earlier.
Pacific Century Regional Developments Ltd. (PAC SP ) lost S$1.40, or 6.3 percent, to S$20.70 after GigaMedia Ltd., one of Taiwan's largest Internet service providers, scrapped a plan to form a venture with its Hong Kong unit, Pacific Century CyberWorks Ltd. It was the third most active stock by value.
Singapore Telecommunications Ltd. (ST SP ), Southeast Asia's biggest phone company, rose 8 cents, or 3 percent, to S$2.78 after it said it plans to bid for a 3G cellular license in Hong Kong which will enable high-speed Internet access on mobile phones.
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