Hmm, today market did turn down. STI dropped 1.34% to close at 3343 with a volume of 2.28 billion (higher than yesterday's volume). Quite expected because STI opened up strongly yesterday but didn't move up, so it have to move now. Even for today, STI rallied quite strongly in the morning, but after lunch it went limp and never recovered back the losses.
However, I must say the selling is quite muted now as it's rather restricted to STI component stocks, namely DBAss. Heard that SGX is going to do a 'routine' check on possible disclosure announcements. Yeah, right, hope they got some punishment for not declaring to investors about their actual exposure. DBS dropped 0.600 today, pulling down STI with it.
A lot of people are slamming Genting. I do not know what's wrong with it, no feel for the market. I do know that after its rights issue, the mother and rights shares just keep dropping and dropping. Not totally unexpected right? The bad market sentiment surrounding credit (Genting issued rights shares to raise capital for the IR construction) and the long time frame before Genting can start earning contributed to the downward selling pressure of Genting shares. It's a good thing I sold off my Genting shares when I bought it around $1, if not really can cry for holding at high.
As time passes, I'm less and less interested in Genting. It's speculative because a lot of thing can happen in the time frame between the opening of IR and now. The promised rewards of IR is also speculative. I'll rather invest in something a little more confirmed. Malaysia is also building a economic area called Iskandar development. Supposed to act as small economic hubs to allow the investment to trickle in different parts of Malaysia.
Tonight there is a lot of economic data coming out. Dow should be volatile and this will spill over to STI when it opens tmr. So far, Dow is reacting negatively, it's currently at 150 pts down. Aiya, relax lah. Market is much calmer now and is actually less volatile than say 2 weeks ago?
Cheong ah!
Tuesday, August 28, 2007
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