SINGAPORE (August 3): Singapore stocks registered losses at midday, in line with a broad retreat in other Asian markets. The Nikkei 225 index dipped around 0.5%, while the Hang Seng and KOSPI Indices saw declines of over 1%.

By 12.11pm, the Straits Times Index was down 0.21% to 3,195.81. Market breadth was negative. Excluding warrants, decliners outnumber gainers 219 to 126. A total of 589.2 million shares worth $503.1 million changed hands, giving an average price of 85 cents for the entire market.

The Straits Times Index traded between 3,190.27 and 3,217.13, after opening 0.10% higher at 3,205.59.

Chinese equities also extended their declines, with both the Shanghai and Shenzhen Composite Indices slumping over 2% on Monday. In July, China’s official manufacturing purchasing managers’ index fell to 50, trailing median estimates of 50.1 in a Bloomberg poll, and down from 50.2 in June.

Bernard Aw, Market Strategist at IG Asia, says: “I feel that the macro outlook of China – which is probably slowing further – has already been considered by the market. The services PMI figure and trade data for July should provide more colour to the Chinese economic outlook.”  

On the SGX, Noble Group, Global Logistic Properties, Memstar Technology, China Sports International, and Golden Agri-Resources were among the most actively traded counters.

Among the gainers, Noble Group surged 5% to 48 cents. The commodities and energy trader announced that it will bring forward the release of its 2Q results from Aug 13 to Aug 10. Its management also said the company has been approached by several parties in terms of potential financings, and strategic and/or investment options.

Aw says: “Noble announced it will release its Q2 results earlier on 10 August, a national holiday in Singapore. The firm said it was not aware of any financial or material issues which might have led to the recent sharp price fall and heightened volatility. It also promised to provide more disclosures on Yancoal’s valuation and inventory sales during the results release. The announcement appeared to be taken positively as Noble share prices jumped over 6% soon after the opening hours.”

Among the decliners, Global Logistic Properties slumped 6% to $2.16as the logistic solutions provider went ex-dividend on Monday.

Cosco Corp slipped 3% to 38 cents. The shipbuilder posted a net loss of $4.8 million in the second quarter ended June 30, 2015, reversing from a net profit of $14.3 million a year ago.

Companies that went ex-dividend/ distribution on Monday include Courts Asia, Global Logistic Properties, Keppel Infrastructure Trust, Parkway Life Reit, Singapore Airlines, and Yongmao Holdings.