Singapore shares fell by midday, dragged down by casino operator Genting Singapore Plc and investors retreating from risky assets on concerns about global growth.
Genting shares plunged as much as 4.5% to a two-month low after it posted a decline in quarterly earnings and several brokerages lowered their target prices.
By midday, Genting recouped some losses and was down 3.6% at $1.61 with 74.2 million shares changing hands. This was 2.9 times its average daily volume over the last five sessions.
CLSA cut its target price for Genting to $2.33 from $2.39, and kept its buy rating. CIMB Research trimmed Genting’s target price to $1.95 from $2.00 and kept its outperform rating.
The benchmark Straits Times Index was down 0.7% at 2,882.76, extending its losses for the third-straight session.