Do you think removal of quarterly reporting will lower volatility and liquidity in SGX?

To be honest, in SGX, even with quarterly report, the prices barely moves. For me, I would prefer quarterly reports so I can track if the business is moving at the right path. If the business you invest in is a good one, ultimately whether it's quarterly or annually, it will work towards the same end result - growth!

I dont see it as quite a bad news. In fact, it is good for smaller companies because they need to do less as part of the compliance- half yearly release instead of quarterly. This will reduce some overheads for such small companies.

As to the second part of your question, the SGX is more price senstivie to daily trading and news release/rumour. I do not think we will see more price action nearing result release/dividend. In fact, i think such price actions will only happen after such announcements are released. The singapore market seems more like technical trading than fundamental investing for now