Singapore shares fell, with Genting Singapore Plc
slipping to a 6-week low to extend its losses over the past
The Straits Times Index was down 0.2 percent at
3,281.85 points, while the MSCI index of Asia-Pacific shares
outside Japan shed 0.6 percent.
Genting is one of the biggest decliners in the Singapore
market on Thursday. Shares of the company fell as much as 2.3
percent to S$1.475, their lowest since Jan. 31.
However, shares of Singapore Land Ltd jumped to
their highest in more than five years after DBS Vickers upgraded
the stock to "buy" and raised its target price to S$9.53 from
Singapore Land shares rose as much as 3 percent to S$8.77,
their peak since November 2007. More than 200,000 shares were
traded, 1.7 times of the average full-day volume over the past
Singland (Singapore Land) has significant hidden value
through its 53.06 percent stake in unlisted Marina Centre
Holdings, DBS said. It has a large portfolio of directly owned
office space, the broker added.
Singapore Land has also increased its land bank and now has
788,364 square feet of residential gross floor area in
Singapore, which will be developed over the next few years, DBS
1424 (0624 GMT)