GenM pares gains at noon break, up 1.89% after Wednesday's heavy selldown

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KUALA LUMPUR (Aug 8): Genting Malaysia Bhd (GenM) shed some of its earlier gains at the midday break today, with the counter rising 1.89%, with other Genting counters also registering gains as well.

As at noon break, GenM rose six sen to RM3.24, giving it a market capitalisation of RM19.12 billion, with 22.98 million shares traded. The stock had earlier risen to a high of RM3.27.

Meanwhile, GenM's parent company Genting Bhd rose 0.97% or six sen to RM6.24, valuing the company at RM23.99 billion, with 3.47 million shares transacted.

In the case of the group's plantation arm, Genting Plantations Bhd (GenP) rose 0.11% or a sen higher to RM9.48, giving it a market capitalisation of RM8.50 billion. 500 GenP shares were traded.

GenM saw RM2.6 billion erased from its market capitalisation yesterday, following news that GenM would be acquiring a 35% stake in Nasdaq-listed Empire Resorts Inc (ER) from GenM executive chairman and ER controlling shareholder Tan Sri Lim Kok Thay.

Investors engaged in a fierce selldown of the stock with GenM being the most actively traded counter and second top loser on Bursa yesterday.

Yesterday, GenM closed nearly 12% or 43 sen lower to RM3.18, marking its third-largest single-day drop since the government raised the casino gaming tax rate to 35% in November.

GenM was not the only Genting group counter to see losses yesterday, as Genting Bhd's share price dove to RM3.18 yesterday, from the RM3.61 posted at the end of Tuesday.

However, GenP's share price appreciated to RM9.47 yesterday, from the RM9.36 registered at the ring of the closing bell on Tuesday evening.

See also:
Genting Malaysia rebounds 2.2% after losing RM2.6b in market cap yesterday
Genting Malaysia loses RM3.15b market cap on earnings erosion risks
Kok Thay sells loss-making Empire Resorts stake to Genting Msia