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STOCKS NEWS SINGAPORE-Index inches higher; Genting jumps

Source : REUTERS
Last Updated: Fri, Feb 08, 2013 10:10 hrs

Singapore shares rose after declining for two straight days, led by gains in casino operator Genting Singapore PLC, offsetting losses in medical devices maker Biosensors International Group Ltd.

The Strait Times Index was up 0.2 percent at 3269.43 and was set to end the week 0.7 percent lower. The MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2 percent.

Genting shares jumped as much as 3.5 percent to a near eight-month high of S$1.61, with more than 73 million shares traded, 2.1 times the average full-day volume over the past 30 days.

"It is mainly due to a 'substitution effect' after reports on a crackdown on Macau's junket operators, driving the punters here," a trader said, adding that the renewed casino license on Feb. 6 of Resorts World Sentosa, a unit of Genting Singapore, may be a contributing factor.

Shares of Biosensors International dipped as much as 4.7 percent to a two-week low of S$1.305 after posting weak third-quarter earnings.

1216 (0416 GMT) (teo.jionchun@thomsonreuters.com)(+6564035659)(Reuters Messaging: teo.jionchun.thomsonreuters.com@reuters.net)



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