Bloomberg News

Singapore Stocks: Genting, Oversea-Chinese Banking, Sky China

October 11, 2011

Oct. 11 (Bloomberg) -- Singapore’s Straits Times Index gained 0.9 percent to 2,693.05 at the close, its biggest four- day rally since July 2009. Two stocks rose for each that fell in the index of 30 companies.

The following shares were among the most active in the market. Stock symbols are in parentheses after the company names.

Genting Singapore Plc (GENS SP), owner of one of two casino resorts in the city, gained 1.9 percent to S$1.595. UBS AG added the stock its list of “most preferred” Asian gaming companies, saying Resorts World Sentosa may have posted strong growth in the three months ended September.

Lian Beng Group Ltd. (LBG SP), a construction company, added 1.5 percent to 34 Singapore cents. The company said first- quarter net income increased 75 percent from a year earlier to S$19.1 million ($14.9 million).

Oversea-Chinese Banking Corp. (OCBC SP), Singapore’s second-biggest lender by market value, rose 2.1 percent to S$8.23. OCBC said it agreed to buy SIG Plaza Co., owner of an office building in Shanghai, for 310.7 million yuan ($50 million) and also agreed to repay 591.3 million yuan of loans as part of the purchase. The bank said it plans to use the building as its China headquarters.

Sky China Petroleum Services Ltd. (SKYP SP), a provider of oilfield drilling services, tumbled 14 percent to 6.7 Singapore cents, extending its two-day slump to 34 percent, after its external auditor, Ernst & Young LLP, quit. The accounting firm resigned after withdrawing as auditor of SinoTech Energy Ltd., a Chinese oil explorer listed on Nasdaq.

Sky China said Liu Qingzeng, the company’s chief executive officer and executive director, sits on the board of Sinotech, the company said in a statement to the Singapore exchange. Sinotech was alleged to have inaccuracies in its financial statements by alfredlittle.com, a short-seller ot the company’s stock, the statement said.

--Editors: Jason Clenfield, Nick Gentle

To contact the reporter on this story: Jonathan Burgos in Singapore at jburgos4@bloomberg.net

To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net


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