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Three Shares That Lost to the Market Today

StockMarketBoardThe Straits Times Index (SGX: ^STI) had burst out of the gates this week, clocking total gains of 2.5% to 3,230 over Monday and Tuesday. Unfortunately, the index wasn’t able to continue the winning streak as it slipped 0.5% today to 3,213. Despite the index’s fall, the number of winners and losers were split evenly at 15 each. Let’s take a look at some of the bigger losers both in and outside the index.

Hongkong Land Holdings (SGX: H78) leads the charge for the index components with a 2.6% drop to US$6.84. In an Interim Management Statement released last month, covering the period from 1 Jan 2013 to 14 May 2013, it was reported that the company’s seeing higher vacancy of 6.3%, compared to 3.4% at the end of last year, in its office-leases in Hong Kong. Management went on to comment about the company’s difficulties in its residential sector operations as home-buyers’ sentiments were depressed in its markets in China, Hong Kong and Singapore.

Following close behind in the STI losers’ list is telecommunications operator SingTel (SGX: Z74) with a 2.1% slide to S$3.69. Earlier this month, SingTel announced plans to build a mobile network in Myanmar together with KBZ Group and Myanmar Telephone Company that will reach 95% of the South-East Asian country’s population. The consortium wishes to use the project as a platform to create jobs for the people of Myanmar and to ultimately spur infrastructure and economic growth in the country.

Outside the index, we have Malaysian glove manufacturer Riverstone Holdings (SGX: AP4) whose shares lost 2.8% to S$0.52. Last month, the company reported a 21.5% growth in quarterly income to RM 11.8m in its first quarter earnings release. Meanwhile, top-line increased by 10% to a quarterly record of RM 80.8m. Riverstone has also recently acquired a new piece of land totalling 30 acres for RM 12.4m in Taiping, Perak, Malaysia for its expansion plans.

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The information provided is for general information purposes only and is not intended to be personalised investment or financial advice. Motley Fool Singapore contributor Chong Ser Jing doesn’t own shares in any companies mentioned.