Monday, August 06, 2007

STI dropped 127 pts (3.70%) drop, volume 2.6 billion

After a big drop by Dow last fri (-286), STI followed, together with the rest of the bourses around our region. STI droppped 127 pt (3.70%) with volume of 2.6 billion shares transacted. The selling is a little beyond my expectation. I expected 70 pts drop, but it dropped much more than that. Resting on another support, so a rebound could be next to expect. Is it too much to ask for a national day rally? haha :)

Most of my counters dropped, as for all the rest of sgx stocks. It's 112 gainers vs 916 losers, so count yourself lucky if your stocks didn't drop. Nowadays really got no time nor energy to look at stocks. My work is really piling up on me, so seeing all the red ants crawling on my watchlist just makes me feel numb.

Maybe I should stop waking up early to check Dow's overnight closing and stop turning on my computer at 9am to check STI's opening. I'm like...a little burned out. My mind drifts to the batam trip I had recently, where I did nothing more than reading, exercising, sleeping and eating. What a life :P

Fidelity funds bought more of Straits asia since last week, so that probably explains why Straits price is supported strongly despite the bad market sentiment. They increase their stake from 5.01% to 6.45%. Swiber also had some news today. It announced that they acquired North Shipyard in Singapore to serve as marine hub for its growing fleet of vessels. Their rationale is that it is in the interest of the company to acquire the shipyard as it will complement the current activities of swiber. It also provide a marine base for Swiber's fleet of vessels. I don't expect any reactions from investors. Nobody would buy now :P

FED is supposed to have a meeting today to decide the rates. I suppose they would leave it unchanged and then hopefully they would hint on future rate drop in the coming months. Things like that can spur the market and turn it around. Dow +40 now, Europe mostly red.