March 14, 2013 / 6:56 AM / in 5 years

STOCKS NEWS SINGAPORE-Index falls, Genting Singapore drags

Singapore shares fell, with Genting Singapore Plc slipping to a 6-week low to extend its losses over the past week.

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 S$6.99.

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 30 days.

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 said.

1424 (0624 GMT)

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