Singapore Hot Stocks-Genting Int'l soars to 5-mth high

SINGAPORE, June 2 (Reuters) - Genting International rose as much as 10.7 percent to a five-month high of S$0.675 with over 81 million shares traded, with some dealers citing eased concerns over construction costs for a Singapore casino.

Malaysian parent Genting Bhd posted on Thursday a less-than-feared fall in first-quarter earnings.

"The belief is that the development of casino cost over-runs is no longer a concern," a Singapore-based dealer said.

Sister company Star Cruises gained as high as 8.9 percent to S$0.245 with more than 13 million shares changing hands.

Genting International is building a casino at a cost of up to S$6 billion ($4.4 billion), about S$800 million or 15 percent above its initial budget, due mainly to higher construction expenses.
Last month, Genting's Chairman and CEO told Reuters he does not expect further increases in cost for the casino.

"The construction progress at Resorts World at Sentosa is on schedule at the revised budgeted costs of S$6 billion and all the funding for the project has been secured," Kim Eng Securities said in a broker note.

0603 GMT - Straits Times Index <.FTSTI> was up 0.44 percent.

(Reporting by Tan Wei Xin; Editing by Neil Chatterjee) ((weixin.tan@thomsonreuters.com; +65 6403 5667; Reuters Messaging: weixin.tan.reuters.com@reuters.net)) ($1=1.361 Singapore Dollar)