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STI to cross 3000 boosted by long-term investors
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idesa168
Elite |
08-Jul-2009 15:44
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Today is roller coaster ride...big swing. | ||||
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ticklish8
Senior |
08-Jul-2009 15:43
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TOKYO (AP) – Japan stocks fell for a sixth day Wednesday, as investors continued to pull back from inflated hopes for a quick economic recovery. The Nikkei 225 stock average shed 227.04 points, or 2.4 percent, to 9,420.75 – its lowest close in six weeks. The broader Topix index lost 2.3 percent to 888.54. After a stellar second quarter that saw the Nikkei surge nearly 23 percent, recent economic data from around the world have fanned fears that the market might have been too bullish in anticipating an end to the country’s recession. Worse-than-expected machinery orders data in the morning gave investors another jolt of disappointing news. The country’s core machinery orders, a closely watched indicator of spending on equipment and factories, fell 3 percent in May from a month earlier. That was far less than economists’ expectations for a 1.8 percent rise and marked the lowest value on record since the government began compiling comparable data in April 1987. “The gap between expectation and reality had gotten a bit too wide, not just in Japan but around the world,” said Hideyuki Ookoshi, head of equities at Chuo Securities in Tokyo. “That hope has now turned into caution about the future.” Sentiment also took hits from tumbling commodities prices and a climbing yen, which reduces the value of exporters’ overseas profits. Oil prices slipped to near $62 a barrel Wednesday in Asia, down from a peak of above $73 last week. Nearly every sector fell into the red, with nonferrous metal companies, financials and automakers leading declines. Honda Motor Co. retreated 5.5 percent to 2,390 yen, while Mitsubishi Motors Corp. lost 5.3 percent to 161 yen. Top brokerage Nomura Holdings Inc. closed down 5.3 percent to 751 yen. Tokyo Electron Ltd. slid 5.2 percent to 4,340 yen after Credit Suisse downgraded its rating on the chipmaking device producer to “underperform.” In currencies, the dollar was trading at 94.36 yen from 94.78 yen late Tuesday. The euro stood at $1.3901 from $1.3918. |
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singaporegal
Supreme |
08-Jul-2009 15:08
Yells: "Female TA nut" |
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Market is recovering from a low of around -37 points. Those who shorted this morning are in trouble. |
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boyikao3
Master |
08-Jul-2009 14:32
Yells: "Money or reputation ?" |
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aiyah, even if u r wrong also no need be so sore mah. 1000 pts corrections is impossible lah. but if you are in red, just hang in there lor.
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Hulumas
Supreme |
08-Jul-2009 13:44
Yells: "INVEST but not TRADE please!" |
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How deep is the correction? 1000 points? or 2000 points?
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iPunter
Supreme |
08-Jul-2009 13:43
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Bailouts and sim packs may be jumping the gun when the real effects of the meltdown has not have time to seep through yet...  |
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boyikao3
Master |
08-Jul-2009 12:42
Yells: "Money or reputation ?" |
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Yar hor...u so clever to spot that! 
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jing77
Member |
08-Jul-2009 12:05
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hmm.. better some will feel that if a second stimulus is needed.. it will be a hit to markets who are singing they are out of the woods. LOL
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boyikao3
Master |
08-Jul-2009 12:03
Yells: "Money or reputation ?" |
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CSI's correctio will only be temporary cos once it hits its GDP 8% target even before 3rd quarter ends, bulls will be unleashed. As for US side, Obama will be pressured to prepare for the 2nd stimulus very soon. Once preparation news get underway, correction will be over. So be prepared for this...
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jing77
Member |
08-Jul-2009 11:48
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if china drop below 3000 lvl, might affect the regional markets.
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boyikao3
Master |
08-Jul-2009 11:45
Yells: "Money or reputation ?" |
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Quickly buy some now, afternoon sure rebound. No volume to support this plunge leh
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scotty
Senior |
08-Jul-2009 10:17
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Market recovering slightly... | ||||
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singaporegal
Supreme |
08-Jul-2009 09:39
Yells: "Female TA nut" |
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No problems.... just posting something I have observed happen from time to time. One way to tell is to keep a close eye on the overall trading volume. If the volume is low, then whatever price change is not convincing. There will be higher probability of reversal. |
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niuyear
Supreme |
08-Jul-2009 09:35
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Thank you ! Timely reminder. Sometime, we acted too fast in the morning and later the trend reverse.......
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trader88.sg
Veteran |
08-Jul-2009 09:31
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Good advice, observe the same trend too: morning down, afternoon reverse down morning up, afternoon reverse up.
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singaporegal
Supreme |
08-Jul-2009 09:28
Yells: "Female TA nut" |
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Dow fell heavily last night and this will have some effect on the market today. However, beware of the "over-reaction" effect that always occurs in the morning from retail investors. It is better to wait till late morning or afternoon to make any trading decision. |
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teeth53
Supreme |
07-Jul-2009 20:28
Yells: "don't learn through life, learn to grow with life " |
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ticklish8
Senior |
07-Jul-2009 18:06
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SINGAPORE - The Monetary Authority of Singapore (MAS) has banned 10 financial institutions from selling structured notes for periods ranging between six months and two years. This comes on the heels of mis-selling products linked to Lehman Brothers that hurt many investors. ABN-Amro, DBS, Maybank, DMG and Partners Securities and UOB Kay Hian have been told to cease dealing in and providing financial advisory services for structured notes for a period of six months with effect from July 1, 2009 or until there are adequate measures in place, the MAS said on Tuesday. CIMB, Kim Eng Securities, OCBC Securities and Phillip Securities have been banned from selling structured notes for a period of one year. Hong Leong Finance, meanwhile, has been banned for a period of two years. The action taken by MAS on the 10 FIs is a result of the investigation findings on the mis-selling of products linked to Lehman Brothers. |
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ticklish8
Senior |
07-Jul-2009 17:58
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Hong Kong market wrap.... HONG KONG, July 7 (Reuters) - Hong Kong shares dropped 0.7 percent as the lack of conviction in a global economic recovery pushed investors to lock in some of the gains made in a four-month rally and kept turnover thin. Shanghai stocks succumbed to profit-taking after a four-session rally, posting their the biggest daily percentage drop in more than three weeks. A dry spell for positive news on the global economy has forced fund managers into wait-and-see mode in following a winning stretch by the market. “Investors are still hesitant to give up on the market and miss their chance to capture this rebound, but with overseas markets losing momentum there is a total lack of direction,” said Ben Kwong, chief operating officer with KGI Asia. CAUTIOUN SEEN IN JULY, AUGUST The benchmark Hang Seng Index fell 0.7 percent or 117.14 points to 17,862.27, shedding early gains as Chinese stocks extended losses. Turnover languished at HK$50.7 billion compared with Monday’s HK$54.2 billion. The main index has been hovering between 17,800 and 18,200 points since late last week, but investors anticipate a bigger correction in the event of news that challenges the assumption of a gradual recovery in the global economy. Analysts see the next major support for the index at around 16,000 points, close to its 38.2 percent Fibonacci retracement from the bottom it scraped in March to its June highs and the double peak high it hit in April. “Investors may stay cautious in July-August as we head into the earnings season and the time to verify if there is a V-shaped recovery in the US. China equities will also correct, but should outperform globally,” said analysts with RBS, forecasting a 10 to 15 percent retreat by the China Enterprises Index. China Unicom, the country’s second-largest wireless service provider, rose 2.4 percent on speculation it was close to signing a deal to launch Apple’s popular iPhone handset in China. The China Enterprises Index, which represents top locally listed mainland Chinese stocks, fell 1.4 percent or 152.95 points to 10,674.67. Cathay Pacific jumped 6.2 percent to HK$10.90 after JP Morgan raised its rating on the stock to “overweight” from “underweight” on expectations that the airline’s earnings outlook will become more positive. The brokerage increased its target price to HK$13 from HK$7, saying Asia’s third-largest airline would outperform peers with a marginal profit in 2009, helped by better average loads, cost-cutting measures including capacity rationalization, and mark-to-market fuel hedging gains. China Mengniu Dairy gained after it said it would raise HK$3.058 billion ($394.6 million) from a share sale to China National Oils, Foodstuffs and Cereals Corp (COFCO) and Hopu Investment Management. Shares in the company, which saw sales drop sharply following last year’s tainted milk scandal, were up 1.2 percent, trimming strong gains as concern over equity dilution following the new share issue weighed. Huadian Power jumped 3.5 percent to HK$2.65 in Hong Kong and 10 percent to 5.83 yuan in Shanghai after it said it would acquire 70 percent stakes in two in Shanxi-based coal miners for about 760 million yuan ($111.2 million) to ensure coal supply to the company’s power plants. LENDING RISKS IN FOCUS IN SHANGHAI Chinese stocks slipped 1.13 percent on Tuesday, snapping a four-day rally, on profit-taking with property and bank shares dropping after a regulator warned of lending risks while coal and oil refinery shares were hit by lower oil prices. The Shanghai Composite Index ended down 35.217 points at 3,089.450 after hitting a new 13-month intraday high of 3,130.067. Gaining Shanghai A shares outnumbered losers by 485 to 437, while turnover in Shanghai A shares dropped to 187.6 billion yuan ($27.5 billion) from Monday’s 21-month high of 203.3 billion yuan. China’s massive infrastructure lending is posing increasing risks for the banking system, a senior regulator said in comments published on Tuesday. Total bank lending is likely to top 10 trillion yuan in 2009, doubling the government’s initial target of at least 5 trillion yuan. “Profit-taking pressure is increasing and weak oil prices are weighing on certain sectors. The index is likely to ease after its recent quick gains,” said Western Securities analyst Cao Xuefeng. Property sector leader, Vanke sank 2 percent to 14.09 yuan, while the country’s biggest lender, Industrial & Commercial Bank of China sagged 2.2 percent to 5.43 yuan. Coal shares were hit after recent lower oil prices. China Shenhua Energy lost 2 percent to 32.83 yuan, while the most heavily-weighted stock on the index, PetroChina, dropped 2.2 percent to 14.82 yuan. Steel shares were strong for a second day, with Liuzhou Steel up 8.8 percent at 7.70 yuan after saying its operations were unaffected by heavy flooding in the region. The worst floods to hit Guangxi since 1996 have affected 10 percent of sugarcane-growing areas in Liuzhou, a local official said on Tuesday. Xinjiang-linked stocks were mixed for the second day, with Xinjiang Tianshan Wool Tex, based in Urumqi, rising 0.4 percent to 5.10 yuan after sinking 4 percent on Monday. Hundreds of Uighur protesters clashed with Chinese anti-riot police in the capital of China’s Muslim region of Xinjiang on Tuesday, two days after ethnic unrest left 156 dead and more than 800 injured. “Urumqi has a limited number of listed companies, so the impact will also be very limited,” Cao added. For the latest technical analysis on the HSI and SSEC click on http: www.reutersindia.net/ (Editing by Ben Blanchard and Chris Lewis) |
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ticklish8
Senior |
06-Jul-2009 18:33
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STI doesnt look bad compare with..... MUMBAI, India (AP) – Indian stock markets plunged Monday on concerns of a ballooning fiscal deficit and disappointment that the finance minister did not announce major liberalization measures in his new budget. The benchmark Sensex index tumbled 869.65 points, or 5.8 percent, to a provisional close of 14,043.40. Finance Minister Pranab Mukherjee said increased spending in the new budget – aimed at reviving growth and creating jobs – would inflate the fiscal deficit to 6.8 percent of gross domestic product for the fiscal year through March 2010. That’s up from 6.2 percent last fiscal year, and 2.7 percent the year before that. India’s stock market has soared since May’s national elections on hopes that the ruling Congress Party would quickly enact sweeping pro-market reforms. But Mukherjee stopped short of any major liberalization steps, instead promising to ramp up infrastructure and defense spending, boost agricultural growth and increase outlays on pricey work and food guarantee programs to help India’s rural poor. All told, the government will boost spending 36 percent to 10.3 trillion rupees ($214 billion) for the year that ends March 2010, he said in presenting the budget to Parliament. While acknowledging the importance of private investment in driving India’s growth, Mukherjee said the government would not relinquish its hold on India’s public sector banks and insurance companies. Considering the global financial turmoil, he praised former Prime Minister Indira Gandhi’s “bold decision” to nationalize the banking system 40 years ago, saying it has never before “appeared as wise and visionary as it has over the past few months.” Banking, real estate and capital goods stocks led the declines. Reliance Infrastructure fell 12.2 percent to 1,134.8 rupees. ICICI Bank, the nation’s largest private bank, fell 10.8 percent to 672.8 rupees, while infrastructure conglomerate Jaiprakash Associates sank 10.1 percent to 192.75 rupees. “Amongst the many shortfalls in the budget, it was silent on the timeline for tackling the fiscal deficit position of the country, and the reforms process announcements expected from it,” said Dinesh Thakkar, managing director of Mumbai’s Angel Broking. |
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