Singapore – 9 December 2025 (mid‑morning update)
Singapore’s stock market opened Tuesday on the back foot as Asian equities softened ahead of a closely watched US Federal Reserve meeting later this week. Risk appetite was subdued across the region, with a Reuters report from Singapore noting that Asia‑Pacific stocks drifted lower as investors positioned for an expected US rate cut and tried to gauge how aggressive the Fed might be in 2026. [1]
On the Singapore Exchange (SGX), the biggest percentage losers so far today are concentrated in thinly traded penny names and small caps, while blue‑chip financials and conglomerates are seeing modest declines by value rather than percentage. As of 10:28am Singapore time, SGinvestors’ live market data shows Hoe Leong Corporation, Quantum Healthcare, Amcorp Global, Ocean Sky International and Eneco Energy leading the Top Losers (%) list for 9 December 2025. [2]
Market backdrop: cautious trade ahead of Fed decision
A pre‑market briefing for Singapore investors highlighted a “mixed backdrop” going into Tuesday’s session, after the Straits Times Index (STI) slipped about 0.5% on Monday, with market breadth weak and banks under pressure as investors rotated defensively ahead of the Fed meeting. TechStock²
Globally:
- Asian stocks were modestly lower on Tuesday morning, with MSCI’s Asia‑Pacific index ex‑Japan down around 0.3% as traders braced for a widely expected US rate cut this week. [3]
- The Reserve Bank of Australia, Swiss National Bank and Bank of Canada are all expected to keep rates on hold, while investors focus on how many cuts the Fed may signal for 2026. [4]
That cocktail of macro uncertainty and pre‑Fed positioning is feeding into Singapore’s market, where smaller, more speculative counters are seeing outsized moves on relatively light volumes.
Top percentage losers on SGX (as of 10:28am, 9 Dec 2025)
According to SGinvestors’ “Top Losers (%)” board, dated 09 December 2025 – As at 2025‑12‑09 10:28, the biggest percentage decliners on SGX are: [5]
- Hoe Leong Corporation (SGX:H20) – S$0.001, ‑50.0%
- Quantum Healthcare (SGX:V8Y) – S$0.001, ‑50.0%
- Amcorp Global (SGX:S9B) – S$0.095, ‑18.1%
- Ocean Sky International (SGX:1B6) – S$0.043, ‑12.2%
- Eneco Energy (SGX:R14) – S$0.009, ‑10.0%
- Embracing Future Holdings / Biolidics (SGX:8YY) – S$0.032, ‑5.9%
- IPC Corporation (SGX:AZA) – S$0.168, ‑5.6%
- Alset International (SGX:40V) – S$0.023, ‑4.2%
- GP Industries (SGX:G20) – S$0.515, ‑3.7%
- Serial Achieva (SGX:XHV) – S$0.121, ‑3.2%
These figures cover Mainboard and Catalist stocks, business trusts and REITs and are based on last‑traded prices at the time. [6] The rankings and percentages may change as the session progresses.
Below, we break down the key names, catalysts and recent analyst or forecast commentary.
Deep dive into today’s biggest losers
1. Hoe Leong Corporation (H20): restructuring veteran at a token price
Move today: S$0.001 (‑50.0%) [7]
Hoe Leong Corporation, a long‑troubled heavy‑equipment and marine engineering group, has effectively become a “floor‑price” stock on SGX. The shares are now trading at one‑tenth of a cent, and a move from S$0.002 back down to S$0.001 is recorded as a 50% drop even though the actual dollar change is minimal.
Key context:
- Hoe Leong was one of the earlier Singapore companies to seek court‑supervised restructuring under section 211I of the Companies Act, using schemes of arrangement to deal with its debt load. [8]
- Past commentary by restructuring specialists has cited the company as a case study in distressed workouts on SGX, highlighting its heavy debt burden and reliance on cyclical offshore‑marine demand. [9]
There is no fresh price‑moving announcement today visible in public filings. Given the ultra‑low price and modest volume (around 400,000 shares as at 10:28am), the move looks more like penny‑stock volatility and thin liquidity than a reaction to new fundamental news. [10]
2. Quantum Healthcare (V8Y): still digesting delayed share placement
Move today: S$0.001 (‑50.0%) [11]
Quantum Healthcare, a Catalist‑listed healthcare and diagnostics firm, is another counter at the minimum trading price, amplifying small price shifts into eye‑catching percentage moves.
Recent catalysts:
- On 20 October 2025, the company announced a delay to its planned share placement, citing administrative issues and extending the completion date to 30 November 2025. [12]
- The placement is tied to a broader recapitalisation that includes settlements of outstanding directors’ fees via shares, underscoring the company’s reliance on equity funding. [13]
The delay and equity issuance overhang have weighed on sentiment in recent weeks. With the stock today marked down to S$0.001, the percentage drop reflects fragile confidence and placement overhang more than any new headline this morning.
3. Amcorp Global (S9B): sharp drop with little fresh news
Move today: S$0.095 (‑18.1%) [14]
Amcorp Global is an investment and property group with Malaysian roots. Today’s double‑digit slump comes on modest volume (36,000 shares) and without a same‑day announcement on SGX at the time of writing. [15]
Notable background:
- In May 2025, Reuters reported the appointment of Shalina Azman as non‑independent non‑executive chairman, signalling a leadership refresh at the board level. [16]
With the share price trading near the lower end of its three‑month range (S$0.09–0.125), today’s move looks like heightened volatility in a thinly traded small cap, potentially triggered by a few larger sell orders rather than a clear fundamental shock. [17]
4. Ocean Sky International (1B6): property and construction play reverses after buy‑backs
Move today: S$0.043 (‑12.2%) [18]
Ocean Sky International is involved in construction and property development, with exposure to projects in Singapore and the region.
Recent corporate activity:
- The company has been actively buying back its own shares, with SGX announcements showing regular on‑market share buybacks through October and November 2025. [19]
- The group released half‑year 2025 financial results in August, giving investors updated visibility on its property pipeline and profitability. [20]
Today’s decline takes the stock back toward the lower end of its recent S$0.031–0.054 three‑month range. [21] The reversal despite prior buy‑back support may indicate profit‑taking or growing caution over the property cycle, especially with interest‑rate uncertainty still weighing on developers.
5. Eneco Energy (R14): technical “sell candidate” defies bullish micro‑trend
Move today: S$0.009 (‑10.0%) [22]
Eneco Energy is an investment holding company focused on logistics services – including transportation, warehousing and inventory management – rather than pure-play oil and gas, despite its historical roots in that sector. [23]
Technical and forecast context:
- On 8 December 2025, technical research platform StockInvest downgraded Eneco from “Hold/Accumulate” to a “sell candidate”, even as it noted short‑ and long‑term moving averages still emitting some buy signals. [24]
- StockInvest expected, for Tuesday 9 December, that Eneco would trade in a narrow band between S$0.0098 and S$0.0102, based on its recent 14‑day average true range. [25]
- TradingView data shows the stock at S$0.009 today, unchanged over the past week but down about 18% over the past year, with relatively high volatility (around 11%) and a beta of 1.58. [26]
With the price now below the S$0.010 “support” area cited in some short‑term models, today’s 10% slide suggests technical selling and stop‑loss triggers may be at work, in a counter where small ticks translate into large percentage moves.
6. Embracing Future Holdings (8YY): positive NPAT milestone, negative price reaction
Move today: S$0.032 (‑5.9%) [27]
Embracing Future Holdings – the new name for Biolidics Ltd. – operates in medical technology and network‑technology solutions, including its acquisition of Chinese platform Shenzhen Xiaozhao Network Technology. [28]
Ironically, today’s drop comes just hours after positive corporate news:
- The company announced that Shenzhen Xiaozhao exceeded its NPAT target by 154.7% for the earn‑out period to October 2025.
- As a result, 135.6 million earn‑out consideration shares are being released to the vendor’s nominees, marking a key milestone in the acquisition structure. [29]
- A recent analyst reference cited on TipRanks shows the stock rated “Hold” with a target price of S$0.03, close to current levels, with a “Buy” technical sentiment but modest market cap of around S$54 million. [30]
The earn‑out share release increases free float and near‑term supply, which can pressure prices in the short run even when the underlying operational performance improves. Today’s sell‑off likely reflects that dilution overhang, as early investors lock in gains following a string of upbeat announcements.
7. IPC Corporation (AZA): Japan hotel exit weighs on sentiment
Move today: S$0.168 (‑5.6%) [31]
IPC Corporation is best known for its Japanese hotel and real‑estate investments. The current sell‑off comes shortly after the company moved decisively to exit one of its flagship assets:
- On 25 September 2025, IPC signed a sale and purchase agreement to dispose of 800 preferred shares in Nest Hotel Japan Corporation for JPY 2.6 billion (about S$22.6 million), representing its entire interest in the hotel company. [32]
- A circular to shareholders in November shows that, on a pro forma basis, the disposal would lift net tangible assets per share from about 56.9 cents to 62.7 cents and raise EPS from 7.11 cents to 12.91 cents for FY2024, reflecting a sizeable gain. [33]
Despite the value‑accretive nature of the disposal, the market may be grappling with uncertainty over IPC’s future strategy once it exits the Nest Hotel stake, which has long been a core earnings contributor. In addition, investors may be taking profits after the stock’s rally into the disposal news, leading to today’s pullback.
8. Alset International (40V): losses persist, leverage questions linger
Move today: S$0.023 (‑4.2%) [34]
Alset International is a globally diversified property and investment group with projects in the US, Singapore and other markets.
Fundamental backdrop:
- For 1H 2025, Alset reported a loss of S$0.003 per share, wider than the S$0.001 loss a year earlier, according to earnings summaries carried by Yahoo Finance and Simply Wall St. [35]
- Recent analysis has highlighted share‑price instability and recurring losses as key investor risks, even as insiders – including the executive chairman – have periodically bought shares on the open market, signalling some internal confidence. [36]
With the stock now hovering in the low‑2‑cent range, today’s decline reinforces the market’s concern about sustained profitability and balance‑sheet resilience, especially in a higher‑for‑longer rate environment that challenges leveraged property players.
9. GP Industries (G20): profit‑taking after stronger earnings and dividend hike
Move today: S$0.515 (‑3.7%) [37]
GP Industries, part of the Gold Peak group, is a manufacturer of batteries, electronics and acoustics products (including the KEF audio brand).
Yet the fundamentals have actually improved:
- For 1H FY2026 (half‑year ended 30 September 2025), GP Industries reported revenue of S$556 million, slightly lower than a year before, but profit attributable to equity holders rose 12.7% to S$16.3 million. [38]
- Earnings per share increased from 2.99 cents to 3.26 cents, and the board proposed an interim dividend of 1.75 cents, up from 1.5 cents previously, implying a payout ratio of 54%. [39]
- Management emphasised continued cost control, shifting manufacturing capacity to Southeast Asia and plans to accelerate divestment of non‑core assets to strengthen the balance sheet. [40]
Given this backdrop, today’s sell‑off appears to be short‑term profit‑taking and possibly some de‑risking ahead of the Fed, rather than a structural change in the company’s outlook.
10. Serial Achieva (XHV) and other small caps: typical illiquid‑name volatility
Move today (Serial Achieva): S$0.121 (‑3.2%) [41]
Serial Achieva, a smaller electronics and test‑and‑measurement distributor, occasionally appears on SGX’s biggest‑movers lists despite limited news flow, simply because:
- The stock trades on low absolute volumes (around 1,000 shares in the morning window). [42]
- A handful of trades at slightly lower prices can translate into percentage moves of 3–5%.
Similar dynamics today can be seen in Goodwill Entertainment (‑3.0%) and KSH Holdings (‑2.8%), where modest selling can generate notable percentage declines without any clear company‑specific headline. [43]
Biggest losers by value: blue chips under mild pressure
While percentage moves are dominated by micro‑caps, SGX’s Top Losers by Dollar Value list shows where most market capitalisation is being eroded. As of this morning, SGinvestors’ “Top Losers ($)” board highlights: [44]
- Jardine Matheson (SGX:J36) – US$67.77, ‑0.85%
- United Overseas Bank (UOB, SGX:U11) – S$34.32, ‑0.35%
- Haw Par (SGX:H02) – S$15.69, ‑0.70%
- Jardine Cycle & Carriage (SGX:C07) – S$34.22, ‑0.32%
- UOL Group (SGX:U14) – S$8.51, ‑0.70%
- Singapore Exchange (SGX:S68) – S$16.67, ‑0.24%
- SIA Engineering (SGX:S59) – S$3.47, ‑0.86%
The percentage declines here are modest (sub‑1%), but because these are large‑cap names, they account for a meaningful share of total value lost on the day. The pattern is consistent with:
- Investors trimming cyclicals and financials (banks, conglomerates, property developers).
- Pre‑Fed de‑risking in rate‑sensitive names, including REITs such as Keppel REIT and broader property counters like UOL Group. [45]
What today’s losers say about investor sentiment
1. Macro dominates micro for large caps
The fact that blue‑chip declines are shallow but broad suggests institutions are lightening risk rather than capitulating. With the Fed expected to cut this week but potentially signal fewer cuts in 2026, markets are wrestling with whether the recent global equity rally has gone too far. [46]
2. Penny stocks remain a minefield
The top of the percentage‑losers board is almost exclusively micro‑caps trading at S$0.001–0.05. In such counters:
- Bid‑ask spreads can be wide, and a single trade can move the last price dramatically.
- Fundamental news (like Embracing Future’s NPAT beat) can be offset by technicals such as earn‑out share issuance or funding delays (Quantum Healthcare). [47]
For traders, today is a reminder that high percentage prints don’t always equal big dollar moves, and that liquidity risk is real.
3. Mixed signals from fundamentals
Among the major losers, the fundamental signals are not uniformly negative:
- Embracing Future is celebrating a major NPAT milestone, yet its share price is pressured by dilution. [48]
- IPC Corp is exiting its Nest Hotel Japan stake on apparently attractive terms, improving its pro‑forma NTA and EPS. [49]
- GP Industries has delivered higher profits and an increased interim dividend, but faces margin pressure from tariffs and global trade headwinds. [50]
This patchwork of stories shows that today’s price action is driven as much by portfolio positioning and liquidity needs as by fresh fundamental shocks.
Outlook: what to watch after today’s sell‑off
Looking ahead through the rest of the week, investors in Singapore should keep an eye on:
- The Fed meeting and press conference
- Markets are largely pricing in a December rate cut, but are unsure about the pace of easing in 2026. A more “hawkish‑than‑hoped” tone could pressure banks and REITs further; a dovish outcome could spark a relief bounce in risk assets. [51]
- Liquidity and corporate actions in micro‑caps
- Counters like Hoe Leong, Quantum Healthcare, Embracing Future and IPC Corp can see sharp swings around placements, earn‑out share releases and disposal completions. Short‑term traders should track SGX announcements closely and be prepared for intraday volatility. [52]
- Follow‑through in cyclicals and financials
- If the global risk‑off tone deepens, today’s modest declines in UOB, Jardine Matheson, Haw Par, UOL and SGX could turn into a broader correction. Conversely, a benign Fed outcome may see fast money rotate back into these high‑beta names. [53]
References
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