STOCKS NEWS SINGAPORE-Index down for 4th day; Genting S'pore drops

Thu Sep 6, 2012 2:05am EDT

Singapore shares continued their losing streak, falling for the fourth day in a row, with casino operator Genting Singapore among the biggest decliners on the index.

The Straits Times Index was down 0.45 percent at 2,982.52 points, while MSCI's broadest index of Asia Pacific shares outside Japan was 0.3 percent higher.

Genting shares fell as much as 2.6 percent to S$1.31. The stock was among the top traded by both value and volume in the Singapore market.

Citigroup said the second-quarter corporate results had left investors with weakened expectations and there were more negative revision counts versus the positives.

The key drivers of downward revisions include Genting, Wilmar International Ltd and Singapore Telecommunications, Citi said.

But it said interest in "bombed-out" stocks like container shipping firm Neptune Orient Lines and commodities trader Noble Group Ltd has improved a little versus a quarter ago.

1400 (0600 GMT)

(Reporting by Eveline Danubrata in Singapore; eveline.danubrata@thomsonreuters.com)

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11:26 STOCKS NEWS SINGAPORE-Maybank says Noble is top commodity trader pick

Maybank Kim Eng said its top pick among the Singapore commodities traders was Noble Group Ltd as it saw an earnings recovery story in the current financial year, as well as a more diversified portfolio from energy to agriculture.

Noble's balance sheet also looks robust with the gains from the Yancoal-Gloucester deal, Maybank said. Noble shares were up 0.4 percent at S$1.175 on Thursday. The stock has risen 4 percent so far this year versus the 13 percent gain in the Straits Times Index.

Investors hoping for a turnaround in the sector would have generally been disappointed with the recent set of second-quarter results, Maybank said, noting that most of the earnings weakness still appears traceable to China.

Assuming that the Federal Open Market Committee in the United States announces a third quantitative easing, Maybank said it believes the positive share price impact is likely to be even more muted than the second easing, and has probably been factored in by now.

The broker has a 'buy' rating on Noble, a 'hold' on Olam International Ltd and a 'sell' on Wilmar International Ltd.

1120 GMT (0320 GMT)

(Reporting by Eveline Danubrata in Singapore; eveline.danubrata@thomsonreuters.com)

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