Three Shares That Lost To the Market Today

The Straits Times Index (SGX: ^STI) has dropped 0.5% to 3,088 points today. Within the index’s 30 blue chips, there were only eight shares that managed to make some headway during the trading session while 17 others had made losses.

Let’s take a look at three blue chips that happened to fare worse than the market index.

The casino and integrated resort operator Genting Singapore (SGX: G13) slipped 1.1% to S$1.34 today. The company’s full-year earnings for 2013 were announced last week, with its profits stepping up by only 1% to S$589 million. As a result, its dividends for 2013 remained the same as that for 2012, at S$0.01 per share.

While growth wasn’t there for Genting Singapore in 2013, the company has since revealed plans to enter Korea’s tourism industry in a joint venture with Landing International Development, a Hong Kong-listed property developer; both companies are working in tandem to develop and run an integrated resort in Jeju Island.

Global Logistic Properties (SGX: MC0) inched down by 0.7% to S$2.80. The aptly-named provider of modern logistics facilities in China, Japan, and Brazil has formed a “strategic alliance” with Guangdong Holdings Limited (GDH), “a leading China state-owned company.”

The news, made known only yesterday, would see GLP and GDH collaborate to develop logistics and industrial facilities in Dongguan, Southern China within the Guangdong GDH Equipment Technology Industrial Park, which happens to be “the largest investment project in Dongguan”.

Ming Z. Mei, the chief executive and co-founder of GLP, commented on the partnership: “We are excited to partner with GDH on a project of such large scale. The Park will leverage GLP’s expertise in designing, building and managing logistics and industrial parks and GDH’s deep local presence and land sourcing capabilities. This strategic alliance sets the pace for future collaborations and puts us in excellent position as we scale up our network and accelerate growth across China.”

Oversea-Chinese Banking Corporation (SGX: O39) rounds up the trio with its shares down 0.8% to S$9.55. The bank announced yesterday that it would be redeeming S$711.9 million worth of subordinated notes (i.e. debt) on 27 March 2014. The notes carry an annual interest expense of 5.6% on them, which works out to be almost S$40 million a year, an amount that OCBC could save from now on.

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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 writer Chong Ser Jing doesn’t own shares in any companies mentioned.