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Genting Singapore PLC Leads the Market Higher for the Week

Singapore’s market benchmark the Straits Times Index  (SGX: ^STI) rose 0.5%, or around 19 points, during the week to end Friday at 3,472 points.

Of the 30 index components, 19 clocked gains, with Genting Singapore PLC (SGX: G13) clinching the title of “best performer” with a 6.8% increase to S$1.015. At the other end of spectrum were eight blue chips which ended the week with losses – Noble Group Limited  (SGX: N21) led the losers pack as it fell 4.3% in the week to S$0.89.

The commodity firm came under fire during the week as Muddy Waters, an investing and research firm, released a “short” report (when you go short, you’re betting on a fall in share prices) on the company.

Amongst other criticisms, Muddy Waters said that “Noble exists to exist solely to borrow and burn cash.” Muddy Waters is not new to the act of criticizing Singapore-listed shares; the research outfit had also given a big thumbs-down to the business of commodities trader Olam International Ltd (SGX: O32) back in late 2012.

The latest short attack on Noble by Muddy Waters comes just a few months after Iceberg Research took its own dig at Noble. Shares of Noble have fallen around 25% since February 15, the day Iceberg Research, a little-known research outfit, released its first of three reports on the commodities outfit.

Outside the index, Chinese shipbuilding firm Cosco Corporation (Singapore) Limited (SGX: F83) have made a weekly gain of 8.1% to S$0.535. On the grander scheme of things, my Foolish colleague Ser Jing, noticed that Cosco’s balance sheet has been worsening since 2012 and that customers’ push for delays in contract deliveries may make matters worse for the shipping outfit.

The SPDR STI ETF  (SGX: ES3), a proxy for the Straits Times Index, is currently going at 14 times its historical earnings.

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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.