GENTING Singapore's share price slid for a fourth straight day
on Friday in heavy trading amid continued worries over its newly
opened Resorts World Sentosa (RWS), Singapore's first integrated
resort.
There was more grim news after the market closed as Genting
posted a full-year net loss of $277.6 million, more than double the
$124.8 million in 2008. Revenue fell 22 per cent to $491. 2
million.
The stock continued to be sold down and slid to a near six month
low losing one cent, or 1.1 per cent, to 94 cents. It is now down
28 per cent from a record high of $1.30 it hit on Dec 31.
The counter has been traded heavily since its casino opened over
the Chinese New Year holiday period, with 366 million shares
changing hands on Friday following 369 million done on
Thursday.
This is more than triple the average daily volume of 105 million
shares of Genting traded over the past six months.
Analysts at Nomura Securities think the stock has further to
fall as RWS has already announced the openings of its key
attractions - the casino and theme park.
--ST
