SINGAPORE May 3 Singapore shares drifted on
Friday, easing from a five-year high hit in the previous
session, with casino operator Genting Singapore PLC
headed for its biggest daily drop in more than three years after
first-quarter net profit fell.
The Straits Times Index was down 0.7 percent at
3,378.60 by 0345 GMT, while the MSCI's broadest index of
Asia-Pacific shares outside Japan edged up 0.3
Genting shares fell as much as 9 percent to S$1.47, after
the company reported a 44 percent drop in quarterly net profit
on weaker core earnings.
Genting was the most actively traded stock by value and
volume in the Singapore market on Friday, with nearly 98 million
shares changing hands, 3.5 times the average full-day volume
traded over the past 30 days.
OCBC Investment Research downgraded Genting's Singapore
stock to "sell" from "hold" and cut its target price to S$1.41