Singapore shares ended higher Friday, bucking broader regional weakness on bargain hunting, while casino operator Genting Singapore outperformed on news two junket agents had been granted licenses to bring high rollers to its casino.
Other positive developments for investors in Singapore included data showing consumer price rises are easing. Singapore's consumer price index for February rose 4.6% from a year earlier compared with a 4.8% increase in January, and was below the 5.0% rise tipped in a Dow Jones Newswires poll of economists.
Regional markets were mostly lower Friday, hobbled by weak Chinese and euro-zone manufacturing data on Thursday, which weighed on U.S. markets and raised fresh concerns about slowing global growth.
The benchmark Straits Times Index closed 0.4%, or 10.83 points, higher at 2,990.08, although it closed the week 0.7% lower. Gainers outnumbered losers 193 to 160, and volume was a tad lower at 1.64 billion shares compared with 1.67 billion Thursday.
"Genting's strong performance and heavily traded shares helped keep the STI in positive territory this session, battling some strong headwinds of a weaker global economic recovery," said Avis Wang at IG Markets Singapore. Genting surged 6.8% to S$1.74, its highest level since November last year, and was the day's most active stock with over 355 million shares traded.
The gains came after news late Wednesday that Singapore's casino regulator had issued its first-ever junket-operator licenses to two Malaysian "International Market Agents." These operators will be allowed to bring high-rolling foreign gamblers to Genting Singapore's Resorts World Sentosa casino in exchange for commission, while providing them with credit.
Brokerage house CIMB said the long-awaited move "is undoubtedly a good start and a likely prelude to more approvals" for other junket operator licenses, which would boost VIP gaming at the casino.
Among other gainers on the STI, CapitaMall Trust added 2.3% to S$1.805 and Sembcorp Industries gained 2.4% to S$5.22.
In other company news, Hyflux closed up 1.7% at S$1.505 after active trade following news it has signed an agreement to build a seawater desalination plant in India's Gujarat state, costing around US$600 million. The company is partnering Japan's Hitachi Ltd. and Itochu Corp. to build the plant, which will be the largest of its kind in Asia. Citigroup said the contract "is a key development for Hyflux as it demonstrates that it is finally also able to operate large-scale projects in India."
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