Firstly, let me comment on STI today. STI did a very good job, reversing 2.3% drop in the morning to close at 0.25% at 3334, with volume transacted at 2.22 billion (similar to yesterday). Should have dropped 1 more pt to close at 3333, sheng sheng sheng! Marvelous support provided by buyers when STI nears 3250 intraday. Even on my watchlist, I can see that the selling is rather muted and confined to STI index stocks (namely DBAss and some banks). Market is much calmer than a few weeks ago, where a similar drop of 280 pts in Dow would have caused STI to drop maybe 3% or more. Today, there is buyers supporting each critical level. At least people are more rational now :)
Lianbeng halt trading today and I JUST SAW THAT IT WON A CONTRACT FOR MARINA IR!! :) Contract size is rather small to me but it's better than nothing. The $58.5 million contract is for the services provided relating to the construction of the basement of all three towers of the hotel. Work is to be carried out in 2 phases and is expected to be completed in 22 weeks (around 5 months). The group's order book is boosted to $375 million as of now.
Haha, no wonder all the construction stocks didn't fall together with the rest! Chip Eng Seng closed up 0.070, CSC up 0.020, Yongnam up 0.020 and Koh brothers up 0.025. Hmm, is it a good time to sell off lianbeng now?
I might want to take profit off the table first. Been holding too many construction stocks and wanted to trim off my construction portfolio before the credit woes started and dashed my hopes. Tmr might be a good time to offload lianbeng. 0.490 or 0.540 might be a good price to queue to sell. But really have to see the price action tmr (which I can't see because of work) to decide. If the reaction is strong due to positive news, then all resistance is thrown aside. Probably I'll just queue to sell in the morning, don't be greedy : )
Another stock that caught my attention is Straits asia. Very resilient during the big selldown. I see a symmetrical triangle with decreasing volume and the outcome of the impending breakout is uncertain now. Could either be up or down. Short term, I see a downside because the price is hitting the top trendline.
However, it could be well supported at 1.38. I wonder why it's so resilient...hmm...
Dow is now at 65 up, Europe rather neutral with mix of red and green. Tmr construction stocks should see a lot of action :) CONSTRUCTICONS TRANSFORM AND RALLY!
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