SINGAPORE - Shares of casino operator Genting Singapore PLC jumped to the highest in more than six months after its rival Las Vegas Sands announced fourth-quarter earnings, as traders saw signs of an improving gaming market in the Asian city-state.
Genting shares rose as much as 7.5 percent to S$1.575, the strongest intra-day level since May 2012. More than 85 million shares were traded, triple the average full-day volume over the past 30 days.
Las Vegas Sands' Singapore casino resort, Marina Bay Sands (MBS), reported adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of US$303 million (S$374.4 million) for its fourth quarter, up 16 percent from the previous quarter, boosted by stronger VIP rolling volume.
"Genting shares are up on the back of the MBS result, which shows that the decline in gaming revenue is easing in Singapore. Hopefully the worst is over," said Carey Wong, an analyst at OCBC Investment Research.
"The stock has been one of the laggards last year, so people seem to be hunting for bargain stocks as well as stocks that can ride on the economic recovery."