Genting Malaysia Bhd fell the most in 19 months in Kuala Lumpur trading on plans to buy its Singapore affiliate’s UK casino businesses.
HwangDBS Vickers Sdn Bhd downgraded the stock to “fully valued”, describing the move as “negative” and an “inefficient” use of resources in a report today.
The stock fell 7.3 per cent to RM2.54 at 9:04 am local time, set for its biggest drop since November 27, 2008.
Genting Malaysia also had its stock rating cut at ECM Libra Capital Sdn Bhd, which said its plan to purchase its affiliate’s UK casino businesses is “value-destroying.”
Genting Malaysia was reduced to “sell” from “hold,” it said in a report today. -- Bloomberg
No comments:
Post a Comment