Wednesday, August 15, 2007

STI drop 3.35% to 3,273

Market turned down globally after dow dropped more than 2% last night. STI dropped 3.51% in response, together with HSI (2.87%) and Nikkei (2.19%). But the volume is quite light when I see the watchlist. Yup, it dropped a lot but the volume that dropped is quite low. Total volume transacted for STI is 2.4 billion. Shanghai is the only only that stayed neutral (dropped 0.06%).

Major selling in my counters :( Swiber and straits got hit especially hard. Swiber close down 0.130 while straits close -0.100 down. But bloody hell china transcom still holds well at 0.500. Oh what luck... Construction counters gave up all its gain made yesterday, perhaps even more. Buyers are always conned into a fake rebound and when dow show its ugly face, STI will go down together with it.

CSC made an announcement that another company called Isyoda (M) Sdn Bhd in KL, M'sia, served a writ on the company to claim an amount of S$304,000 as additional consideration payable to Isyoda in relation of CSC's acquisition of G-pile. CSC is planning to hold a defence and resist the claim. More announcement will be made, they said. Hope they know what they are doing, because paying the legal fees plus the additional consideration of Isyoda will erode its profit (still don't know if they made a loss or profit).

Dow at 29 pts, europe a mix of red and green (those in red are not very red). More information on Dow will shed some light on its economic condition. I think the CPI is coming out this week for states. People are betting FED will reduce interest rates. I hope not...otherwise the big rally that follows will be followed by the big bad bear.

Boo hoo, got bullied by bear....portfolio loss is now 13k :(