How the Local Market Fared this Week

StockMarketBoardThe Straits Times Index (SGX: ^STI) gained 2.4% or 72 points this week to close at 3,120 points. The market seemed bullish despite a dismal August when it was down 193 points or 6% for the month.

Even though the STI had a good week, not all components of the benchmark index fared that well. Golden Agri-Resources Limited (SGX: E5H) moved in the opposite direction to closed 2.5% lower to $0.535 for the week. The company released a comprehensive Sustainability Report on 11 September. The report mainly covers the plantations, mills and some key aspects of palm oil sales operations of the company in Indonesia.

Fraser and Neave, Limited (SGX: F99) was another stock in the red for the week. It fell 0.4% to close at $5.52. On 9 September 2013, lawyers representing Myanmar Economic Holdings Limited (MEHL), a partner of F&N, sent a Notice of Arbitration to the company. This follows a dispute over a stake in Myanmar Brewery that MEHL does not already own. At the end of August, MEHL notified F&N that it plans to begin arbitration proceedings to claim F&N’s 55% stake in the brewery. However, F&N “maintains that there is no basis . . . to give that notice” and it “intends to vigorously resist the claim”.

In the winning camp, the biggest gainer in the STI was casino operator, Genting Singapore PLC (SGX: G13). It surged 8.6% to close at $1.45. The company released its second-quarter results early last month. It saw its revenue go up by 1% to $707.9 million.

Noble Group Limited (SGX: N21) was another big gainer for the week. It shot up 5.8% to close at $0.905 for the week. On 9 September 2013, the company said that its 51% subsidiary, Noble Harvest Co., Ltd., which was incorporated in the People’s Republic of China, has been liquidated and two days later, Arc Asset Management (HK) Limited, a wholly-owned subsidiary incorporated in Hong Kong, has been deregistered.

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The information provided is for general information purposes only and is not intended to be personalised investment or financial advice.  Motley Fool Singapore contributor Sudhan P doesn’t own shares in any companies mentioned.