Monday, November 05, 2007

Market downturn

Market u-turning now. STI dropped 45.14 (1.21%) to close at 3670 with a volume of 2.24 billion. It was pretty bad from the start but the selling got worse when Europe started trading around 4pm. HSI dropped a hefty 5% after china indicated there might be some delays in the investement to China (something like that, wasn't really paying attention to the news).

Quite surprised that Swiber fell so much, even dropping below my buy target of 3.37. It went down 3.28 down 0.200 today. Wondering whether to buy more or not...

Big singapore sale is coming. Problem is, as always, we do not know if the cheap can get cheaper. Will we can a year end rally? Not sure what's the answer to that question. Let's act accordingly. Since STI support is broken, will expect to see more downside.

Some news to share:

1. Yongnam group is buying 49% of Aasia from Yongnam private ltd. Aasia is a company under yongnam pte ltd in middle east. The rationale is to hinge on the expertise of Aasia on the Saudi market, as well as to gain market access to the Saudi market. Can benefit from the network of contacts from Aasia too. Good for Yongnam group. But I wonder if there is any actual benefits.

Yongnam closed at 0.365, quite a big drop. XR coming in another 2 weeks time, don't know if I can sell off by then. Hmm, don't even know if I wanted to sell off in the first place.

Dow is down by 85 pts down. More bargains to hunt tmr :)

Profit got hurt quite badly by swiber's drop. Ouch...