Genting SP - Genting up on short-covering, OCBC upgrade

Stock Name: Genting SP
Company Name: GENTING SINGAPORE PLC
Research House: OCBC

Shares of casino operator Genting Singapore <GENS.SI> rose as much as 5.9% on Friday as investors bought the stock to cover their "short" positions and a local brokerage raised its target price.

At 11:35 a.m., shares of Genting Singapore were trading at $1.94 on a volume of 127 million shares.

"I think the selling was overdone for this week," said a local trader.

Based on Thursday's closing price of $1.86, Genting shares have fallen 7.5% since the start of the week.

OCBC Investment Research on Friday raised its target price for Genting Singapore to $2.38 from $1.85 and maintained its "buy" rating.