Singapore shares edged lower by midday on Wednesday, but casino operator Genting Singapore outperformed the broader market as traders said rival Las Vegas Sands' strong earnings pointed to a robust gaming market in the city-state.
By the lunch break, the Straits Times Index (STI) was down 0.13 percent, or 4.28 points, at 3,182.29. The total volume of shares traded in the morning session was 903.2 million shares and turnover was S$845.9 million.
This compares with the volume of 755.5 million shares and turnover of S$584.9 million in Tuesday's morning session. Traders said the STI may trade in a range between 3,170 and 3,190 points in the afternoon.
Singapore retail investors are less optimistic compared with six months ago, according to a poll released on Wednesday by J.P. Morgan Asset Management. The firm's semi-annual Investor Confidence Index now stands at 121, versus 134 in December 2010.
"Local investor sentiment has been impacted by global events such as the ongoing uncertainty around U.S. and European debt, the Middle East crises and closer to home, the natural disasters in Japan," said Brian Tan, head of retail sales at J.P. Morgan Asset Management, Singapore, in a statement.
However, six out of 10 respondents believed the STI would end up higher than its current level by the end of the year. The online survey was conducted in June 2011 across a sample of 502 investors with annual personal income of more than S$60,000 and five years of continuous investment experience.
Genting Singapore surged as much as 5.8 percent after rival Las Vegas Sands reported strong earnings from its Marina Bay Sands casino in the city-state.
At midday, Genting shares were up 5.5 percent at S$1.91 with 180.5 million shares changing hands, around three times the average daily volume in the last 30 days.
Las Vegas Sands said on Tuesday it swung to a quarterly net profit of $367.6 million, as it benefited from improved businesses in Macau and Singapore.
"People believe the gaming pie is increasing in Singapore, rather than Marina Bay Sands taking Genting's share," said a local trader.
However, UBS said in a report that the strong quarter at Marina Bay Sands is not necessarily indicative for Genting's Resorts World Sentosa.
"While strong MBS results again demonstrate the profit potential of Singapore market, we think in Q2 RWS will struggle to deliver numbers that are as strong as MBS'," UBS said. ($1 = 1.203 Singapore Dollars)
By the lunch break, the Straits Times Index (STI) was down 0.13 percent, or 4.28 points, at 3,182.29. The total volume of shares traded in the morning session was 903.2 million shares and turnover was S$845.9 million.
This compares with the volume of 755.5 million shares and turnover of S$584.9 million in Tuesday's morning session. Traders said the STI may trade in a range between 3,170 and 3,190 points in the afternoon.
Singapore retail investors are less optimistic compared with six months ago, according to a poll released on Wednesday by J.P. Morgan Asset Management. The firm's semi-annual Investor Confidence Index now stands at 121, versus 134 in December 2010.
"Local investor sentiment has been impacted by global events such as the ongoing uncertainty around U.S. and European debt, the Middle East crises and closer to home, the natural disasters in Japan," said Brian Tan, head of retail sales at J.P. Morgan Asset Management, Singapore, in a statement.
However, six out of 10 respondents believed the STI would end up higher than its current level by the end of the year. The online survey was conducted in June 2011 across a sample of 502 investors with annual personal income of more than S$60,000 and five years of continuous investment experience.
Genting Singapore surged as much as 5.8 percent after rival Las Vegas Sands reported strong earnings from its Marina Bay Sands casino in the city-state.
At midday, Genting shares were up 5.5 percent at S$1.91 with 180.5 million shares changing hands, around three times the average daily volume in the last 30 days.
"People believe the gaming pie is increasing in Singapore, rather than Marina Bay Sands taking Genting's share," said a local trader.
However, UBS said in a report that the strong quarter at Marina Bay Sands is not necessarily indicative for Genting's Resorts World Sentosa.
"While strong MBS results again demonstrate the profit potential of Singapore market, we think in Q2 RWS will struggle to deliver numbers that are as strong as MBS'," UBS said. ($1 = 1.203 Singapore Dollars)
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