Singapore shares fell on Wednesday, but Genting Singapore Plc outperformed the market on hopes that the casino operator will benefit from an improving economic outlook in China, traders said.
The Straits Times Index was down 0.4 percent at 3,111.69 points, while MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.1 percent lower.
Jardine Matheson Holdings Ltd fell 3.5 percent while Jardine Cycle and Carriage Ltd declined 2.8 percent.
Genting Singapore shares rose as much as 5.4 percent to S$1.47, the highest since May 30. More than 36 million shares were traded, 1.7 times the average full-day volume over the past 30 days.
Deutsche upgraded Genting Singapore’s stock to “buy” from “hold” and lifted its target price to S$1.63 from S$1.38, citing signs of recovery in China, stabilising operating costs and a potential entry into the Japanese market.
Shares of oil and gas services provider Ezra Holdings surged as much as 15.2 percent. Nearly 16 million shares were traded, 6.4 times the average full-day volume over the past 30 days.
Ezra had not responded to a Singapore Exchange query.
In late August, Ezra addressed media reports that Samsung Heavy Industries was considering a takeover bid for the Singapore firm.
“The company wishes to clarify that it is not aware nor has it been engaged on the subject of a takeover of the company by SHI,” Ezra said then.