Hot stock: Genting shares fall on profit warning

SHARES of Genting Singapore fell 5.5 Singapore cents or 6.11 per cent to 84.5 Singapore cents as at 9.45am on Wednesday, on the back of its profit guidance announcement the day before.

Genting said on Tuesday that it expects to report a "significant decline" in net profits after tax for the second quarter ended June. This is due mainly to fair value loss on derivative financial instruments as a result of unfavourable market conditions and unrealised foreign exchange translation losses.

The group will announce its Q2 financial results on Aug 13.