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good. finally they start taking action.
i had written in about it before to them, months ago, only to receive a typical, high-handed govt response of "it is all part of the market cycle blah blah blah". And now after London, Sydney and New York does something about it, THEN they take action.
typical civil-service "don't rock the boat" mentality; only know how to follow others; so that they only react when events catch up to them or oh! there's a lead to follow!
Ha.
In short, the new rule to regulate ss by SGX is indeed harsh....it leave little room for shortists other than borrow to short. My broker's advice is harsh oso : "DO NOT SHORT SELL!!!"
Hi All,
1st , please comment and correct me if I am wronged ! And next, this is my own opinion and without offending or any impact to this highly voilatile market.
My opinion : I think will new ruling comes in, this show that the market is going to the stability and the rock bottom days is over. Time to accumulate the good shares if you still have some spare cash left !!!
Starting from 2morrow is the new day to ban or prevent hedge funds or so call BB (big boys) to short sell the market ! But anyone who still want to short sell but could not cover back then got to face the music ---- hash punishment of max S$50K especially for financial stocks in particular. But if you can cover back, then you are cowboys or consider lucky.
Correct me if I am wronged : The new rules stated that, starting 2morrow for those naked short sellers will need to cover back their counter by 11:30 am and not 5pm. If one left open not buying back, then everyday morning before 8.30am, SGX will announce the counters that need to force buy-in for the previous day instead of now's old rule "T+3 days" (if left open for not buying back) ! Thus, 2day (last day) still can follow old rules, to cover back by 5pm, if one missed to buy back, the force buy back will be next Monday (T+3), thus the new rules effect will only reflect on next Tuesday onwoards to observe whether the new rules have impact or effect to cap this short sellers !!!
How will this impact the market ?
Correct me if I am wronged : The new penalty for left open is a 5% of the value or min S$1k to force buy back the next working day.
Hope I am correct. Can someone please comment ? Thanks
Good luck !!!!