STI powers up another 48.23 pts to close at 3819 with a volume of 2.64 billion. Again, this time I felt left out in the rally. My stocks didn't really move up. I guess that means it's rotational play. Definitely not property I guess :)
Property stocks got a bit battered today after measures are taken by the govt to curb the hot property market. They scrapped off the deferred payment scheme for would-be buyers. This might be good for banks, because they would receive the money now instead of a few years later. I doubt this would curb speculators. Basically if you're a speculator, you might already want to invest and have the capacity to do so. Deferred or not, might not really matter to these groups of people. Anyway, bellwethers like CDL droppped heavily today.
The next stock I want to sell off to lock in my profits (if any) is GK Goh. I know it's undervalued (NAV as at 30 June 07 is 1.2522) and I bought it a a low price below the NAV, but somehow I'm not too optimistic about its prospect. Esp when I'm trying to reduce my holdings to make my realised losses smaller. Let's see if there's a chance to sell off this stock.
Some news to share:
1. Yongnam has commenced legal proceedings in the high court of KL against Ishi Power Sdn Bhd. The latter clamed that Jiwa Harmoni offshore, a wholly owned subsidiary of Yongnam, had been overpaid a sum of RM 4,056,283 for the project for the construction of 3 coal fired power plant over at Johor. Seems like Yongnam is quite confident of their stance. Quite a sizeable amount, 4 million RM.
2. This one is more interesting. Labroy Marine is offered a voluntary conditional cash offer by Dubai Drydocks World for a potential outlay of around US$1.63 billion. The acquisition is to consolidate Drydocks World's place among global ship repair and shipbuilding facilities and provide entry into global rig building business. Wow, I think tmr when Labory lifted trading halt, sure cheong like mad. But the whole procedure shouldn't take so fast, have to wait for shareholders meeting and such before the whole thing can go through. It's interesting to see how this develops.
Dow up 38 pts now. Rate cut prospect vs escalating oil price... who wins? So far, rate cut prospect wins :)
Monday, October 29, 2007
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