Yesterday I bought Olam at $2.65 (5 lots) and today, I bought Rotary at $1.02 (10 lots). The former moved a lot but I was not near a computer to close the sale off (why don't they have an Apple iPhone app for my broking firm ! :p). So I kept it and Rotary barely moved at all... finding it weird...
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Pre-Market Open Commentary for 01 December 2009
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DJIA: 10344.84 +34.92
Nasdaq Composite: 2144.60 +6.16
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After a choppy trading session, the US market closed higher led by the financial sector as investors bet that Dubai’s debt woes may not have a major impact on US institutions. A weak dollar, rising commodity prices and tepid holiday sales all contributed to the bumpy session.
The initial reports for the Thanksgiving holiday weekend indicated that more Americans took advantage of deals with around 195mil people shopping in store and online between Thanksgiving and Sunday compared to 172mil a year ago. However, the average spending per person has dropped 7.85% to US$343.31 from US$372.57 a year ago, resulting in only a marginal 0.48% increase in total spending to US$41.2bil from US$40.0bil a year ago.
The major indices ended higher, with the Dow Jones Industrial Average gaining 0.34% while S&P 500 climbed 0.38% to end at 1095.63. Nasdaq composite rose 0.29%.
On the economic front, expansion in manufacturing continues with the Chicago PMI, a regional read on manufacturing rose to 56.1 in November, better-than-expectations of a dip to 53.3, from 54.2 in October. Tuesday will also bring economic readings on ISM Manufacturing index, construction spending, pending home sales index for October as well as November auto and truck sales.
US light crude oil for January delivery rose US$1.23 to settle at US$77.28 a barrel.
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In Singapore today:
Against the trend of a market rebound elsewhere in Asia, the Singapore bourse staged a delayed but mild selloff as the Singapore Exchange was closed last Friday when news of Dubai’s debt woes led the other markets to slump. A rapid rebound in regional bourses on Monday also helped to ease jitters in the local bourse. The STI Index closed 30.1 points, or 1.1%, lower at 2732.12. For every stock that rose, 3.9 fell. Turnover was 1.73bil shares with a value of $2.26bil traded.
The worst-hit blue chip was DBS, down 44 cents to $14.32 as investors were concern over its Middle East loan exposure. UOB fell 18 cents to $18.84. OCBC, which commented that it had no exposure to the affected entities- Dubai World and Nakheel – and its exposure to the Dubai government, government-linked corporations and other institutions was not material, lost a modest 3 cents, or 0.35%, to $8.38.
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Mid day December 1. Singapore shares staged technical rebound.
Singapore shares staged a technical rebound Tuesday as investors took time to understand Singaporean companies' exposure to the Dubai debt default. Public relations ( PR) engines were revved into fifth gear as companies took time to explain their (generally insignificant) exposure to Dubai.
The STI index rose 20.99 points at 2753.11 points but would see its upside capped by profit taking owing to a generally cautious crowd and a quiet trading environment . For every stock that fell, two rose. Turnover was 558mil shares with a value of $625mil traded.
Singapore Banks rebounded as their PR departments sought to clarify and assure investors of their respective exposure to the Middle Eastern. UOB bounced 34 cents at $19.18 while OCBC and DBS rose 9 and 2 cents. Other issues that rose included those of OUE, Haw Par, Keppel Corp, SIA, Jardine Matheson, ST Engineering, SGX, Semb Marine, Venture Corp and M1 that rose between 3 and 20 cents. On the balance, shares of Singapore Land, Noble Group, STX Panocean, Straits Asia, Leeden, Keppel Land and Kim Eng eased 1 and 56 cents.
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