The Straits Times Index fell 0.4% to 2,802.59 at the close, with more than two stocks falling for each that rose on the 30-member gauge. The index rose 0.1% during the week.

Stocks on the measure trade at 17 times estimated earnings, compared with about 10 times at the start of the year, according to data compiled by Bloomberg.

The following shares were among the most active in the market.

Palm oil suppliers: Crude palm oil for March delivery gained 1.3% in Kuala Lumpur yesterday. Indofood Agri Resources (IFAR SP), the palm oil unit of Indonesia’s biggest noodle maker, added 1.9% to $2.14. Wilmar International (WIL SP), the world’s biggest palm oil trader, advanced 0.5% to $6.45.

C&G Industrial Holdings (CNGI SP), the maker and distributor of textiles in China, fell 1.9% to 26 cents. It said it will issue 505 million new shares priced at 24 cents each. The company’s proposed acquisition of Cugu Environmental Protection International was approved by Singapore Exchange yesterday.

Neptune Orient Lines (NOL SP), Southeast Asia’s biggest container carrier, was the second-biggest gainer on the Straits Times Index. It climbed 4.6% to $1.59 after it was boosted to “buy” from “neutral” by Goldman Sachs Group Inc. analyst Thomas Kim.

Singapore Technologies Engineering (STE SP), Asia’s biggest aircraft maintenance company, rose 1% to $3.17. Morgan Stanley analyst Conrad Werner raised its rating to “equal-weight” from “underweight”. The company said its aerospace arm has renewed a contract with US Airways Inc. (LCC US) over aircraft maintenance work, worth US$60 million ($84 million) over three years.

STX Pan Ocean Co. (STX SP), South Korea’s biggest bulk carrier, tumbled 2.1% to $13.78. The Baltic Dry Index, which measures the cost of shipping commodities, dropped 2.8% in London yesterday, taking losses in the past nine days to 18%.