STI increase 71 pts (2.16%) to close at 3392, with a volume of 1.93 billion (warning sign - too low volume). From what I can see, the rally is broadbased but the volume is entirely not convincing. A lot of bank and property stocks went up a lot and pushes STI up, but the volume cannot be manipulated. A lot of people are staying on the sidelines, perhaps Dow labour day holiday (i think on Monday) is getting people nervous enough not to hold over the weekend. Oh, Ben is speaking tonight too, not yesterday.
Construction stocks lead the pennies today. CES went up to close at 0.900, perhaps on rumors that another contract worth even more than the 58.5 million that Lianbeng is going to be announced over the weekend or next week. From Sands Marina, the management said contracts are going to be announced in a "matter of days". Days, and not weeks, so should be less than 7 days? So next week is the latest to announce? Judging by the volume and interest on construction stocks, it seems very likely. All speculative plays :) Good time to sell on strength next week.
Wanted to sell Lianbeng at 0.490 but nobody buy from me again. CSC is the one I want to sell, holding way too many at too high price already. Let's hope it gets another contract for foundation for the other IR (can't remember which IR is the 280 million contract for).
Dow up 100 pts now, Europe very green (around 1% up). Looks like we're going to have a wonderful show for Dow.
Interesting theory that works for the whole month of Aug. To predict STI, look at the weather in Singapore. When it rains, STI drops a lot. If it's sunny, then STI rises :) It's really true for August, as mentioned by some creative genuises over at cna forum, ahha :P