| 28/02/2003 Friday 06:30 am Friday 28/02/2002 6:30 am The Dow and Nasdaq registered strong gains as the US downgraded its terror alert from orange to yellow. The sentiments were aided by news of a strong durable goods spending for Jan which rosed 3.3 per cent. Gold plunged $7.90 and Dollar rosed against major currencies. This appears to some to be a relief rally but as Iraq now has a remote chance of avoiding war but disarming, it may be said that a war can still be avoided if Saddam decides to follow the path laid by the UN. Today's focus is on IPO Sinwa which issued 25 mln shares and is oversubscribed 4.8 times. PE comes in at 11 times and this shipchandler is one of the old stalwart of the ship supply sector. Two funds have bought in (good news of some support and interest). Supports at 0.23 and 0.20 with resistance at 0.26 and 0.30. Stats closed at 1.25 and Chartered at 0.725 in Nasdaq. Wed 19/02/2003 11:30 am With the Dow and Nasdaq registering their second straight gains, some may feel that it is time to jump back into the markets. However, with Bush hell-bent on getting rid of Saddam and replacing him with a 'friendly' leader, it is still too early to think that the worst is over. Datacraft is the volume leader and resistance is at 0.75. Chartered is enjoying a brief respite from news that book to bill orders for semi-con is improving. Jurong Tech drops from sell-on-news strategy despite reporting a good set of results. In all, nothing exciting... Monday 27/1/2003 9:30 pm As prospects of war looms ahead, stock markets around the world are battered and may stay soft for the near term. It would take a miracle, in the words of King Hussien of Jordan to prevent an attack on Iraq by US and UK. Wall street looks set to open weak and with the UN report on Iraq to be released soon, any sign that there is a 'smoking gun' could see one more sharp sell-off. Over here, blue chips as well as penny stocks which made sharp gains such as DMX and Citiraya came under selling pressure. The Johore water issue and Pedra Branca also dampened market sentiments. It hard to see how low prices could head to for now as bearish sentiments has gripped the market. The next support for STI is at 1316. Major support is at 1197. Nasdaq supports are at 1314 and 1265. Dow's supports are at 8000 and 7912. Datacraft's support is at 0.695. Semitech is at 0.155. Dayen is at 0.445. DMX is at 0.245 and 0.22. Darco at 0.425. Previous commentaries DISCLAIMER This is a free site and all views expressed here are not an inducement to trade or invest. The reader should be aware that investment and share trading have inherent risks and the author shall not be responsible for gains or losses incurred whatsoever. |
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