August 30, 2013 / 3:21 AM / 4 years ago

STOCKS NEWS SINGAPORE-Index headed for biggest monthly loss in 15 months

Singapore shares eased, headed for their biggest monthly drop in more than a year, led by sharp falls in Thai Beverage PCL and Olam International Ltd.

The benchmark Straits Times Index eased 0.1 percent to 3,034 points, on course for a nearly 2 percent weekly drop in its fourth straight week in the red.

The index fell nearly 6 percent so far in August, faring better than peers in Indonesia, Philippines and Thailand but underperforming Malaysia.

Olam shares fell as much as 2.7 percent to an eight-month low of S$1.42, down for the ninth session in 10, after the company reported a 48 percent decline in quarterly net profit on higher tax charges and challenging market conditions.

Citi maintained its ‘buy’ call on Olam, and pinned the target price at S$2.60, though chose Wilmar International Ltd as its top pick in the sector.

“(For Olam) we do think the assets are there, and it will take time for the assets to turn around. The reason we are positive is that when the assets get ready, it will generate a return,” Citi analyst Patrick Yau said.

ThaiBev shares fell more than 7 percent after soaring nearly 24 percent in the previous session.

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