Genting Singapore hits one-year low amid broader fall of Singapore stocks; STI down 1%

Singapore stocks concluded lower on Friday, November 13, as the benchmark Straits Times Index (STI) shed 1 per cent, or 50.86 points, to conclude at 5,231.84. Among the top gainers, Frasers Logistics & Commercial Trust led the pack, surging 1.1 per cent to reach S$0.89. Conversely, Genting Singapore experienced the steepest decline, plummeting 5.7 per cent to a one-year low of S$0.575.

The decline followed the integrated resort operator's disclosure of a 42.2 per cent drop in net profit to S$54.7 million for the third quarter ending September 30. Key local banks, DBS, OCBC, and UOB, all ended in the red, with losses of 1.5 per cent, 0.5 per cent, and 0.1 per cent, respectively. In the iEdge Singapore Next 50 Index, First Resources emerged as the top performer, increasing 6.5 per cent to S$2.97, while Food Empire witnessed the most significant decline, falling 7.3 per cent to S$1.66.

Despite the group's revenue surging by 11.7 per cent to a record US$476.5 million for the nine months ending September 30. The broader market saw losers outnumber gainers by a significant margin, with 343 fallers versus 240 gainers. After a trading volume of 1.1 billion securities worth S$1.9 billion, other regional indices exhibited mixed fortunes.

Hong Kong's Hang Seng Index slipped 1.5 per cent, South Korea's Kospi declined by 1 per cent, and the FTSE Bursa Malaysia KLCI fell by 0.2 per cent, while Japan's Nikkei 225 gained 0.5 per cent.