Singapore’s Straits Times Index slipped 0.7% to 2726.92 at 9:47 am local time. A total of four shares for every one to weaken the strength of the index’s 30 members.

A number of stocks in the index traded at 14.6 times estimated earnings, compared with about 10 times in early 2009, said data collected by Bloomberg.

K-REIT Asia (KREIT SP) which is part owned by Keppel Land Ltd. (KPLD SP) climbed 1.9% to S $ 1.08. The company says it has agreed to buy 50% stake in an office building in Brisbane, Australia, worth S $ 208.6 million (U.S. $ 148.1 million).

Singapore Airlines Ltd (SIA SP), the second largest airline in terms of market value, stumbled 0.7% to S $ 13.72. Global airline industry will need at least 3 years to rise from the slump caused by aviation sector’s worst recession in six decades, said Giovanni Bisignani, chief executive of the International Air Transport Association.

Singapore Post Ltd (SPOST SP) climbed 1% to S $ 1.02. The company said third quarter profits rose 20.6% compared to a year earlier to S $ 44.1 million.

Singapore Technologies Engineering Ltd. (STE SP), the largest aircraft maintenance companies in Asia, rose 0.3% to S $ 3.10. The company says it has won a contract worth S $ 58.8 million for ammunition demilitarization in Africa.