Thursday, November 01, 2007

Aftermath of FED rate cut

Hmm, didn't expect STI to close flat. STI down 2.14 pts to close at 3803 with 2.7 billion volume. Volume is quite high...i think tmr STI sure get sold down. Dow is already under fire now, it's down by 247 pts at the present.

Some news to share:

1. Lianbeng stole the limelight, it rose up 0.065 pts to close at 0.725. All the other construction stocks are still idling and not moving. From SGX query reply, Lianbeng said that it is presently in discussion on certain property development. More info would be known when it's available. Haha, share price always run out before announcements are made officially. Efficient market my foot.

2. Sembcorp marine announced that it is closing out unauthorised foreign exchange transactions to 11 banks. The (now) released loss is US$220 million, excluding the US$83 million which had been paid to one of the banks - a staggering US$303 million loss. I think enough to wipe out all the profits for the year already.

This is bad news. Selling pressure will be on for marine stocks because investors would be scared of more fx losses announced. Cosco didn't have a single FX loss, so at least it won't be affected so much, if at all. Sembcorp marine drop drop drop! I'll collect at $3.50 :)

3. Swiber will be releasing its financial results for the 3rd quarter ended 30 Sept on 14 Nov, during lunchtime break. Let's cross our fingers and hope no fx losses? haha :)

Oil prices and gold shot up a lot today. Aiya, that's the norm lah, when interest rate drops, people flock to commodities (physical assets) for security. Oil hit intra day high of USD 96 per barrel. All time high man, scary...

Dow 215 pts down now. Tmr is bargain day :)

2 comments :

fishman said...

Hi la papillion,

Interesting blog you got here. I'm interested in personal finance and investing too. Would you like to exchange links?

fishman

la papillion said...

sure fishman! I'll add you...but which blog? you got so many :)