I'm not sure of the story behind uni-asia, but I read from cna forum that a lot of people are cursing this stock. Rose up too fast and dropped even faster - that sort of speculative stocks I think. Today it dropped 0.550 pts down - possibly got shorted big time by some big players.
Construction stocks are lacklustre, doesn't show any strength to push ahead of resistances. However, the charts of construction stocks are quite bullish. Yongnam and CSC are those stocks that I'm talking about. Should have more action in following weeks as their stochastics are going to reverse their downtrend, from the looks of their charts.
Yongnam had an announcement made today. They acquired a medium industry land in Nusajaya Johor, Malaysia, for RM 23 million. Yongnam intends to use the land to construct a new fabrication factory for their steel struts business. The new factory will commence operation by first half of FY2008 and would thus boost their production capacity by 42,000 ton per annum to cope with increased market demand.
The one that I should highlight is OKP. They announced that they had bagged S$5.1 million contract for a chemical plant for Jurong island, awarded by mainboard listed Rotary engineering, which is OKP's joint-venture partner. I only know of their involvement in Formula 1 racing (building of the track) but didn't know of their involvement with Jurong island project. Hmm, Jurong island construction contracts are worth a lot (and is of nearer term) than the two IRs. Looks like we're going to see a lot of tower cranes around Singapore in the next couple of years.
From the charts, OKP seems quite alright too. So if Dow and shanghai behaves nicely, we should be seeing OKP rallying.
Swiber had a field day today, closing above 3.70. I mentioned in previous posting that if Swiber close above 3.70 convincingly, we can expect to see $4 taken out, with possible target price of $4.35-$4.45 range. Looks set to happen. Hope to see Swiber joining the $4 club by next week. Fundamentally, I wonder what's up with Swiber? Everyone bullish on their fleet expansion plan and their plans to go into deep waters thingy? Results seasons is near, I wonder when Swiber would announce their results. Probably mid November along with the rest of the gang.
Straits asia dropped from 2.20 to 2.08 before recovering most of the day's losses to close at 2.180 (down 0.010). Some share placement issues had been completed today, so perhaps that accounts for the lack of supportive buying throughout the day. I just simply saw the price drop like a stone. Still bullish on straits though :P
Europe mostly red, Dow down by 45 points. Still no feel for STI, so no point commenting on it.
--------------------------
It's heartening to see my portfolio growing after erasing my mega losses. Mustn't be complacent. I'll initiate my portfolio trimming plan.
0 comments :
Post a Comment