May 3, 2013 / 4:00 AM / in 4 years

STOCKS NEWS SINGAPORE-Genting headed for biggest daily drop in 3 yrs

SINGAPORE, May 3 (Reuters) - 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 percent.

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 from S$1.52.

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