The gambler in me strikes again. Got into Yanlord (6 lots) at $1.76. Volume is still lower than Moving Average Volume but higher than the past few days.
Pray again :)
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Pre-Market Open Commentary for 23 February 2010
DJIA: 10383.38 -18.97
Nasdaq Composite: 2242.03 -1.84
Following four-straight consecutive trading sessions of gains, US stocks ended a choppy Monday marginally lower as investors await the highly anticipated congressional testimony by the US Fed Chairman on Wednesday. Meanwhile, investors weighed corporate results, President Obama’s healthcare proposal and a corporate acquisition deal. Lowe’s reported higher-than-expected quarterly earnings and revenue and was upbeat that sales will continue to rise in the current financial year. Investors also took comfort from signs that regulatory changes proposed in Washington will be milder than feared, including provisions in President Obama’s health care reform plan. The 10-year plan of close to US$1 trillion plan that would cover more than 31 mil Americans currently not insured without adding to the budget deficit. On the corporate scene, Schlumberger is buying oil driller Smith International in an all-stock deal worth US$11 bil, which has already been approved by the board of directors of both companies.
All the major indices ended lower with the Dow Jones Industrial Average losing 0.18% while S&P 500 fell 0.10% to 1,108.01. Nasdaq composite dipped 0.08%.
Market sentiment will also take leads from a bevy of economic readings due this week. On Tuesday, reports are due on the housing market and Consumer Confidence Index. The corporate results of several retailers including Barnes and Noble, Home Depot, Macy’s and Target are also scheduled on the same day.
US light crude oil for March delivery rose US$0.35 to settle at US$80.16 a barrel.
In Singapore today:
It was a slow trading Monday on the local bourse as the market awaits the Budget announcement. The exuberance in the other regional markets did not catch on in the local market. The STI added 18 points but slid back to end a mere 0.32 points higher at 2757.46. In contrasts, Hang Seng gained 2.4%, Nikkei was up 2.7% and Kospi Index rose 2.0%, after the market’s knee-jerk reaction last week to the hike in discount rate gave way to a more measured take since the Fed’s move will not impact borrowing costs for consumers and businesses. Traders now saw the rate hike as confidence in the economic recovery. Fears about a meltdown in the Chinese stock markets abated when the Shanghai Composite re-opened yesterday after its week long close for the Chinese New Year holidays. The Shanghai market ended 0.5% lower in reaction to the latest PRC measures to cool the credit market. For every stock that fell, 1.6 rose. Turnover was light with 1.12bil shares with a value of $1.21bil traded.
The Singapore Government announced last Friday after the market closed further measures to cool the property sector. A seller's stamp duty and a lower loan-to-value limit of 80 per cent for all housing loans was largely seen as symbolic and targeted at speculators. Nonetheless, property counters fell as sentiments weighed on the sector. Shares of City Dev, CapitaLand, Wing Tai, Ho Bee and Keppel Land fell between 7 and 52 cents.
Expect market sentiment to be subdued and the local bourse to consolidate taking cues from the weaker overnight close on Wall Street and as investors await the highly anticipated congressional testimony by the US Fed Chairman on Wednesday and Thursday.
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Mid Day February 23. Stocks recovered after spike in the Hang Seng Index.
Asian markets wobbled and tracked a lower close on Wall Street as traders mused on the next FED move. While general consensus point to a rate hike(FED fund rate) at the end of the year(at the earliest), some traders now think they may soon end its program to buy mortgage back securities at the end of the quarter. Stocks worked lower when the Shanghai Composite index shed over 1.4 per cent in early trading but managed to claw back from their nadirs. The STI index rose 3.73 points at 2761.19 points after a spike in the Hang Seng index prompted a short cover bounce here. Market breadth improved over the session to end almost flat. Turnover was 677mil shares with a value of 637mil traded.
Traders again moved to limit their exposure to the market as the rebound reached some resistance levels. A weak open in the Chinese indices had traders playing from the short side. The Hang Seng index reversed from a 250 points decline and about turned to a 250 points gain, prompted by talks of goodies to be announced in tomorrow's budget speech. This in turned lifted most stocks here from their nadir lows. Shares of Genting fell 1 cent at 96 cents after failing to breach the 98 cents resistance point. It earlier touched a low at 93.5 cents prompted by talks of short selling. Recent listing Sin Heng fell 2 cents at 25.5 cents but recovered to end 1 cent down at 26.5 cents. Traders wondered if the ipo issue manager had started to buy back shares as part of the stabilisation program.
Resource stocks were off the lows of the session with shares of Wilmar, Noble Group and Olam rising between 1 and 8 cents. Cosco Corp fell 4 cents at $1.24 despite reporting earnings to were largely in line. Traders said the spectre of further order cancellations appeared to weigh on the stock.
On the balance, Semb Marine rose 21 cents at $3.62 with its results beating street consensus. One analyst believes the company is on the verge of announcing several sizeable orders in the future. Others like WBL Corp, Cerebos, Jardine C&C, AP Oil and ARA rose between 2 and 54 cents
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Market close Feb 23. STI rises towards the close
The local bourse got a boost from the pos itive US futures and also Hang Seng‚s higher close to overcome earlier lethargy. Stocks had inched lower when the Shanghai Composite index shed over 1.4 per cent in early trading but managed to claw back from their nadirs. The STI index closed 25.09 points higher at 2782.55 points after a spike in the Hang Seng index prompted a short cover bounce here. Market breadth improved over the session to close with 268 gainers against 154 losers. Turnover was 1.19bil shares with a value of 1.26bil traded.
Traders again moved to limit their exposure to the market as the rebound reached some resistance levels. The Hang Seng index reversed from a 250 points decline and about turned, prompted by talks of goodies to be announced in tomorrow's budget speech. This is turned led most stocks here from their nadir lows. Shares of Genting fell 1.5 cent at 95.5 cents after failing to breach the 98 cents resistance point. It earlier touched a low at 93.5 cents prompted by talks of short s e lling.
Recent listing Sin Heng fell 2 cents at 25.5 cents but recovered to end 1 cent down at 26.5 cents. Traders wondered if the ipo issue manager had started to buy back shares as part of the stabilisation program.
Resource stocks were off the lows of the session with shares of Wilmar, Noble Group and Olam rising between 1 and 8 cents. Cosco Corp fell 2 cents at $1.26 on 18.3m shares traded, despite reporting earnings that were largely in line. Traders said the spectre of further order cancellations appeared to weigh on the stock.
On the balance, Semb Marine rose 26 cents at $3.67 with its results beating street consensus. One analyst believes the company is on the verge of announcing several sizeable orders in the future. Others like WBL Corp, Cerebos, Jardine C&C, AP Oil and ARA rose between 2 and 54 cents.
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