Genting S'pore fights to stay above S$1.10 levels

Singapore

AFTER dipping below S$1.10 on Wednesday for the third time in recent weeks following its post-quarterly results descent from the S$1.25 levels, the stock of Genting Singapore perked up on Thursday. The counter closed trading 2.5 cents, or 2.3 per cent, up at S$1.115, with 24.3 million shares changing hands. The stock, which has been on a general decline since the integrated resort operator reported lacklustre quarterly financial results in August, has been digging its heels in at around the S$1.10 levels for the past week as it saw increased trading activity.

On Tuesday, UOB-Kay Hian upgraded the stock to a "buy" but kept the target price at S$1.32. The recent share correction means there should be limited downside risk, said UOB-Kay Hian.