Sino Grandness Food (JS5.SG) down 2.8% at $0.345 as broad market retreat negates news of company sealing agreements with distributors to sell its new bottled juices in China, move which canned fruits supplier expects would help boost FY10 earnings, according to Dow Jones.

But selling not widespread as volume mere fraction of Friday’s 12.3 million shares. 10-day moving average, last at $0.32, expected as support.

“We view the signing of distributorship agreements as a positive development in which Sino Grandness’ distribution network for its beverage products in the (China) market takes shape,” says DMG, which has Buy call, $0.40 target.

Sixteen distributors have inked deals with company to sell its drinks in Beijing, Guangdong, Hunan, Hubei, Jiangxi, Xinjiang, Gansu provinces.