Thursday, September 06, 2007

STI technical glitch part 2

Haha, funny things became funnier :P

STI had technical glitch again. According to an announcement made by SGX after market close at 630pm, they said that STI did not accurately reflect the value between 9am to 1030am today. Upon rectification, it was corrected at 1031am. They added that the cause of today's glitch is different from yesterday's. Yesterday's is due to isolated software issue following the corporate action of a component stock in STI. But todays' incident was caused by the omission of a step in the overnight system recovery procedure.

Seriously, whatever. VP apologised for this back to back error that happens within a day of each other. Even reuters advised clients not to take STI at face value this morning. World class huh? Will SGX be fined by higher authorities for these mistakes that caused investors to lose confidence and money? I'm such a skeptical cynic...I think not.

Enough of that. STI closed 21 pts up (0.61%) to close at 3466 with volume of 2.4 billion (higher than yst). Quite something isn't it? STI is so bullishly strong, despite whatever Dow is showing. I think we diverged away from Dow already and is currently moving on our own trend, which is up. Haha, no point looking at Dow nowadays for direction. Maybe until 18th Sept where the FED will decide the all important decision to cut or keep interest rates.

Swiber announced a couple of news. First is the acquisition of a derrick crane, one of the largest heavy lift cranes in asia pacific regions. I like the fact that swiber is aggressively expanding its fleet size to get ready to launch its expansion plans. The crane is expected to be delivered in 3rd quarter FY09, long way from now. Should expect more exciting times ahead for Swiber.

Another news is about the sales of shares from one BB to another. I read with interest that citibank nominees had purchased 38,800,000 shares to raise its stack from 4.91% to 14.05%. These shares are apparently bought from Radiant city limited, which sold all its 9.14% to 0%. The transaction is carried out on 4th Sept. I do not know what to make of this. Probably no big deal, considering that swiber did not drop a lot. Just some big married deals.

GK Goh made an announcement regarding the claim against former subsidiary. The claim is served by PT Pertamina Dana Ventura against CIMB-GK securities indonesia. However, the claim is not successful and PT Pertamina had withdrawn its apeal. The court decision will thus be binding and final on all parites regarding the suit. Yeah, no need to pay damages/claims to PT Pertamina :P Will it rise in price tmr? haha, not very likely, because this stock is very thinly traded.

Dow up 79 pts now. But really, STI don't seem to follow Dow anymore. Third time lucky, STI glitch again tmr? hahaha!