11-05-2012 12:47:54
STOCKS NEWS SINGAPORE-Shares down at midday, Genting drags


Singapore shares fell by midday, dragged down by casino operator Genting Singapore PLC and investors retreating from risky assets on concerns about global growth.Genting shares plunged as much as 4.5 percent to a two-month low after it posted a decline in quarterly earnings and several brokerages lowered their target prices.

"If you look at the latest economic data that we've had this week, export growth is slowing in China and in Taiwan. People are reassessing growth expectations." 1221 (0421 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************

CityDev shares were 0.2 percent lower at S$10.20, but have gained about 15 percent since the start of the year.CityDev, Southeast Asia's second-largest developer, posted a 45 percent drop in first-quarter net profit to S$156.8 million on Thursday, hurt by lower margins from property development and an absence of one-time gains.

************ 11:21 UPDATE 1-STOCKS NEWS SINGAPORE
-Brokers upgrade Noble after results. Several brokers upgraded their ratings on Noble Group Ltd , citing an improved outlook after the Singapore-listed commodities company posted its first-quarter results.
Noble shares were down 1.3 percent at S$1.155 at 0316 GMT, slightly underperforming the broader Straits Times Index <.FTSTI> which lost 0.6 percent. Noble stock has gained more than 2 percent so far this year.

CIMB Research said a strong rebound in Noble's energy and metals, minerals and ores segment more than offset seasonal weakness from its agricultural division in its first quarter. Noble will be a beneficiary of improving economies and new Chief Executive Yusuf Alireza brings a renewed focus on profits, CIMB added. It upgraded Noble to outperform from trading buy and raised its price target to S$1.42 from S$1.40.

DMG & Partners Securities said it was positive on Noble on the back of increased confidence in its earnings outlook, stronger performance from sugar with the April-December production cycle and potentially better crushing margins in China.

*********************************************************
 11:05 STOCKS NEWS SINGAPORE:
 Fortune REIT rises after broker upgrade Shares of Singapore-listed Fortune Real Estate Investment Trust FORT.SI rose as much as 3.6 percent to a four-year high after it reported a rise in its distribution income for the first quarter.
Units of Fortune REIT were up 2.6 percent at HK$4.28, and have gained about 14 percent since the start of the year.
 *********************************************************
 08:41 STOCKS NEWS SINGAPORE
-Index futures down 0.2 pct Singapore index futures fell 0.2 percent on Friday, indicating the benchmark Straits Times Index <.FTSTI> is likely to open down.
Asian shares retreated early on Friday, spooked by JPMorgan's $2 billion huge loss from a failed hedging strategy, with investors warily watching political turmoil in the euro zone as they await new Chinese data for clues on its growth outlook.