Singapore shares slipped, with Genting Singapore Plc among the biggest decliners on concerns about the casino operator’s upcoming results following weaker earnings posted by rival Las Vegas Sands Corp’s Singapore casino.
The Straits Times Index was down 0.4% at 3,028.89, while MSCI index of Asia-Pacific shares outside Japan shed 0.2%.
Genting shares fell as much as 1.9% to $1.29, the lowest since Aug. 15.
Las Vegas Sands said last week it had lower ‘hold’, or money won from gamblers, at its Marina Bay Sands casino in Singapore, where operating income fell to US$166.5 million ($203.8 million) from US$315.4 million in the quarter.
“The earnings miss at MBS could weigh down near-term sentiment for Genting Singapore,” Credit Suisse said in a report. The bank expects Genting to report weaker second-half results partly due to cost build-up.
Genting is slated to report its third-quarter earnings on Nov. 12. More than 23 million shares changed hands, 1.5 times the average full-day volume over the past 30 days. The stock was the top traded by value in the Singapore market on Monday.
Shares of Keppel Corp, the world’s largest rig builder, rose as much as 2.4% after it said its unit agreed with Golar LNG to work on the conversion of up to three liquefied natural gas vessels into floating LNG vessels.
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