Singapore shares were little changed, but Neptune Orient
Lines Ltd (NOL) fell to the lowest in around 1-1/2
months after the container shipping firm posted a loss for its
The Straits Times Index was flat, in line with
MSCI's broadest index of Asia-Pacific shares outside Japan
Shares of NOL dropped as much as 2 percent to S$1.20 on
Monday, the lowest since Jan. 7. The stock has gained nearly 5
percent since the start of the year.
NOL posted a net loss of $98 million for its fourth quarter,
narrowing from a $320 million loss a year earlier. OCBC
Investment Research said it was disappointed by the result, as
continued weakness in demand on the Asia-Europe and intra-Asia
routes negated higher freight rates.
But DBS Vickers said the worst is likely to be over for NOL,
and 2013 fiscal year earnings are likely to benefit from lower
cost base and better industry discipline.
1246 (0446 GMT)