Genting Singapore (G13.SG) off 1.5% at $1.99, bucking gains by most other STI components, as CEO Tan Hee Teck’s sale of own shares in open market prompts other investors to follow suit, says Dow Jones.
According to SGX filing, Tan sold 900,000 shares yesterday at $2.047 each at own discretion, trimming his direct stake to 0.010% from 0.017%. Move not unusual with stock +19.5% since start of September, +72.6% since beginning 2H10 vs STI +5.5%, +9.8% over same periods.
Having substantially outperformed Singapore market since returning to profitability in 2Q10, stock’s performance for rest of year hinges largely on 3Q10 results, likely due in November.
Immediate support for time being tipped at 20-day moving average, last at $1.93.