Home THE DAILY EDGE Business Genting Hong Kong off 10.5%; US$0.40 support
Genting Hong Kong off 10.5%; US$0.40 support

Tags: Genting Hong Kong | Genting Singapore | Genting Singapore Plc

Written by The Edge   
Tuesday, 28 September 2010 16:30
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Genting Hong Kong (S21.SG) down 10.5% at almost 3-week low of US$0.425 ($0.562) in active trade, says Dow Jones.

The fall comes as pullback in sister company's stock due to sale of shares in open market by Genting Singapore's (G13.SG) CEO fuels concerns cruise company's top executives may do the same, especially after stock's huge run-up in recent weeks.

Genting Singapore (G13.SG) last off 4.0% at $1.94. Genting Hong Kong +66.7% in September alone, while Genting Singapore +19.5% so far this month.

"Current valuation (for Genting Hong Kong) looks expensive," says DBS Vickers analyst Yee Mei Hui. 30-day moving average, last at US$0.40, expected as support.

According to SGX filing, Genting Singapore CEO Tan Hee Teck sold 900,000 shares yesterday at S$2.047 each at own discretion, trimming his direct stake to 0.010% from 0.017%.

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Last Updated on Tuesday, 28 September 2010 16:31