Monday, September 10, 2007

STI recovered from 2.7% drop to 1.35% drop

STI diverged away from Dow! It's been like that for the past week and today it showed similar pattern. Dow tanked last fri, but today, STI opened -2.7% but closed just 1.35% (a drop of 47 pts) at 3441 with a volume of 2.4 billion.

What's really amazing is the strength shown by Shanghai and HK. Together with India, these are about the only bourses that still closed green in spite of the poor showing by US. Most counters recovered by 930am after kan cheong spider selldown in the first minutes of the market. Good thing I didn't buy put warrants, haha!

Expected swiber to selloff because last Fri it did went up a lot, but surprise surprise, it didn't drop too much. Construction counters had a brief rally before dropping back to opening price again. There's always news of CES getting contracts, haha, but never is confirmed until the announcement are out. Or at least the counters went trading halt after a huge buyup.

Dow is behaving well tonight. Presently, Dow is trading at +40 pts up, with europe mainly red (around 0.50%).