STI was up 0.9% at 3,025.57 points by midday

Singapore shares were higher, with Genting Singapore Plc rising more than 4% after a recent drop in its stock price on concerns about the casino operator’s upcoming

The Straits Times Index was up 0.9% at 3,025.57 points, while MSCI’s broadest index of Asia-Pacific shares outside Japan gained 1%.

Genting Singapore shares rose as much as 4.5% on a volume of nearly 45 million shares, 1.1 times the average full-day volume over the past 30 days. Genting was the second-highest traded stock by value in the Singapore market.

Genting Singapore shares were beaten down last week after rival Las Vegas Sands’ second-quarter earnings miss raised concerns over the Singapore company’s results. Genting Singapore will report its second-quarter earnings on Aug. 10.

“Today we are probably seeing a spurt of either bargain-hunting or short-covering. Their cash flow is still very strong and what could swing the result in Genting’s favour is the win factor,” said Carey Wong, an analyst at OCBC Investment Research.

Shares of Singapore Airlines underperformed the broader market, falling as much as 1.5%. DMG & Partners Securities downgraded the airline’s stock to neutral from buy, and cut its target price to $11.17 from $12.13.

The broker said stepped-up promotional efforts may further pressure SIA’s overall yields in the near term. "Being a premium carrier, raising yields to pre-crisis levels to maximize profit would be tough when the outlook improves,” DMG said.