Genting Singapore PLC Soars, STI Treads Water

The Straits Times Index (SGX: ^STI) declined 0.4% this week to close at 3,292 points. This was a change of around 13 points from last Friday’s close of 3,305 points.

In the red were 17 out of the 30 index components; 11 were in the green while the rest – Singapore Telecommunications Limited (SGX: Z74) and City Developments Limited (SGX: C09) – finished the week unchanged.

The biggest loser in the index was commodity firm, Olam International Ltd (SGX: O32). It slumped 5.5% to S$2.40 for the week.

Olam announced on Friday that Mr. Mark Haynes Daniell and Mr. Wong Heng Tew will be stepping down as directors after the close of the 20th Annual General Meeting of the Company to be held on 30th October 2014.

It added that there weren’t any disagreements between them and the Board and are “unaware of any matter relating to their stepping down that needs to be brought to the attention of the shareholders of the Company”.

Genting Singapore PLC (SGX: G13) was the best performing STI company. It hit a 52-week low just recently and is currently some 6% higher from the low-point. The casino operator soared 2.7% this week to close at S$1.15.

The STI is now trading at a historical price-to-earnings ratio of 13.8 and has a market capitalisation of S$540.4b.

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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.