The Ministry of national development had announced that development charge rates will be revised from the current 50% to 70%. This is done so as to cool down the fervent en block collective sales and to slow down the increase in rentals. MM Lee had earlier warned this montht that rising property prices and rents have to be kept in check to help singapore maintain its competitive edge. Bad news for developers man...
One first thought goes to noob...hope you're okay with your warrants.
STI isn't likely to find support at ema20 days. I think it's more possible for us to drop another 60 pts before support at 3525 break the fall. 3525 coincides closely with fibo retracement 23.6%.
More worrying for me is now what is happening locally. US Bear stearns fund collapsed, and investors might not get much value out of it. Together with Ben speaking tonight, US might not do so well. China side -- speculation is swirling that china's macroeconomic data, expected to be out on thurs, could show a spike in June inflation, and that might cause another round of policy tightening. Almost a perfect storm.
All the construction counters I'm holding are holding at ema50 days. Hope that it would hold there, otherwise more selling would ensure. Genting...drop to 90 cts already, might want to get it. But seriously, I'm more interested in cosco, swiber ;)
I'll still be holding, not selling. If anything, I should be buying now. See how STI perform tmr and Fri. I seriously think there's no big deal about the development charges increment, unless you're holding a property counter. How other stocks undergo such major selling can only be attributed to one thing : panic. Take advantage of it lah :)
Not going to be monitoring on thurs and fri because of work, hope everything will be fine :) My losses went back to 4k, ok lah, not worried. Hhaha, hope cosco drop drop drop for me to pick up. 5 lots also good right? :)
Dow -50, europe mostly red.
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