Three Shares That Lost to the Market Today

The Straits Times Index (SGX: ^STI) had slipped slightly by 0.4% to 3,225 today, indicating a day that was a tad gloomy for local stocks. Let’s take a look at some of the big losers, some of which are outside the index.

Let’s start with Manhattan Resources (SGX: L02). Yesterday, its shares were up by 14.5% to $0.44, but in a quick reversal of fortunes, it is now sitting on a 7.0% loss to $0.40. Yesterday’s gain perplexed the company as it had no clue as to why the jump occurred. There was simply no new information released about the company that could affect it materially. With today’s fall, it’s the same thing. It was just a share doing what shares do best – that is, to move.

While other market participants could go on to wax lyrical and suggest possible reasons, us Fools would rather shrug it off and worry about what the company can do to turn its operations around instead. Manhattan, which provides managerial services to other companies in the shipping, property development and lumber products industries, has been chronically in the red, logging a cumulative loss of $47.6m from 2003 to 213.

Overseas-Chinese Banking Corporation (SGX: O39) is next, with a 1.2% fall to $10.22. Last month, the bank had redeemed S$1b worth of its Class B non-convertible preference shares that were entitled to a 5.1% dividend yield based on the preference shares’ par-value of S$100 per share. The redemption will save common-equity holders in the bank some S$51m a year as the bank need not pay out those preferred-dividends any longer.

In more recent news, the bank had announced the release of its second quarter results on the morning of 2 August 2013.

At 2.0%, Jardine Strategic Holdings (SGX: J37) fall to US$35.82 was the biggest among the index components today. The conglomerate, with substantial holdings in other locally-listed entities like property group Hong Kong Land, retailer Dairy Farm and hotelier Mandarin Oriental, will be releasing its half-yearly results for 2013 on 2 August.

The company’s Interim Management Statement, released on 16 May 2013, said that its “businesses faced mixed trading conditions with underlying earnings marginally up on last year.” JSH’s underlying earnings for the first half of 2012 stood at US$769m, so that’s perhaps a good gauge for the company’s upcoming earnings release.

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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.