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Three Shares that Lost to the Market Today

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Singapore’s stock market, represented by the Straits Times Index (SGX: ^STI) has suffered another round of losses to bring its losing streak to six consecutive trading days. The index dropped 1% today to 3,082 points.

24 of the index’s 30 constituents made losses during the trading session while only three were lucky enough to escape with some gains.

Here are some shares that did worse than the index today.

Petroleum and petrochemical industry engineering services provider Hiap Seng Engineering (SGX: 510) slipped 2.1% to S$0.235.

Last Friday, the company revealed that it had won a US$10m turnaround maintenance contract, for the Dung Quat Refinery in Vietnam.

Hiap Seng had won the contract in a consortium with Petroleum Maintenance Service Joint Stock Company of Vietnam and would be providing maintenance, overhaul, and repair services. Work for the contract is expected to commence and be completed by the first quarter for the financial year ending 31 March 2015.

Popular Holdings (SGX: P29) dropped 4% to $0.24 following the release of its second quarter results yesterday evening. For the half-year ended 31 Oct 2013, the bookstore owner and property developer saw revenue grow 12.3% year-on-year to S$270m while profits sank by 36% to S$5.27m.

A large increase in expenses for the company had dinged its bottom-line. The increase in expenses included a S$3.1m impairment loss for two units of 18 Shelford, a condominium development in Singapore, based on the valuations of the property by independent valuers.

Management has expressed caution on the global economic outlook, “which may weaken consumer sentiment.” In addition, the company’s also seeing dampened demand for residential properties here in Singapore following the property cooling measures that were put in place by the government.

Popular’s results for its last completed financial year (for the 12 months ended 30 April 2013) already saw earnings drop 25% to S$23.3m, and from what we’ve seen so far, it seems that tough times are set to continue.

Offshore vessel owner and operator Pacific Radiance (SGX: T8V) fell 2.2% to S$0.88. Last week, the company gave updates for the initial public offering of its joint-venture PT Logindo Samudramakmur Tbk on the Indonesian Stock Exchange.

PT Logindo plans to raise up to Rp347b (approximately S$37m) in the offering, which will see it issue 127.38m new ordinary shares. The joint-venture, an owner and operator of 58 offshore vessels, plans to use 58% of the proceeds to repay short-term bank loan with the bulk of the remaining funds used for its capital expenditure, which likely involves the “expan[sion] of [its] offshore support fleet to tap on the high growth cabotage-protected Indonesian market.”

Prior to the offering, Pacific Radiance owns around 49% of PT Logindo and that stake is expected to be diluted to around 38% with the issuing of new shares.

PT Logindo is expected to be listed on the Indonesian Stock Exchange tomorrow.

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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.