| 05/09/2003 Friday 05:00 am Friday 5:00 am What can stop this rally? That's the question that is raised time and again. With cuts in CPF and worsening employment, some may wonder whether this is truly a bull run. For bulls, what matters are higher stock prices as buying fever feeds upon itself. Liquidity is an important factor for stock markets and as it stands, cash is still plenty and interest in IPOS and placement are evidence of this fact. Meanwhile interest in recent IPOs such as EZRA and Singpu continues as the break former highs. Tuesday 19/08/03 Tuesay 6:35 am Both the Dow and Nasdaq surges at the back of good news from University of Michigan consumer sentiments for August. As consumer spending is the leading indicator for a US economic recovery, stocks ended the day strongly higher with tech stocks such as Intel and AMD taking the honours. Chip stocks took heart from press reports of better days ahead. Retail stocks such as Walmart made gains on better sales. Given the moves in US markets and last session's blue chip surge on July non-oil domestic exports (10.8% up year-on-year), today may see more pluses than minuses. Tech stocks could benefit from recent news from US tech heavyweights such as Dell and HP. Wed 10:35 pm July The strong surge in situational stocks suggest that the bull may have got out of its hibernation. DMX, Interra, IPCO performed well despite weakness in some index-linked counters. IPCO annouced that its nta is 21.66 cents and cash/equivalent is near 19.0 cents. The next IPO will be Sunningdale and pe is at 8.6 times (historical). Issued at $0.32, the market cap is $98.4 million. Total size offered is 80 mln shares. Comparable companies are Fu Yu, Fisher Tech, Ominold and Flextronics. The public portion of 10 mln shares were oversubscribed by 50.2 times. Friday 18/07/03 6:15 am Nasdaq took a dive on Nokia and IBM results but Dow was supported by stronger than expected results from Coca-Cola and Caterpillar. What could stem the slide in Nasdaq is the results of Microsoft which came up within expectations and in the aftermarket trading, it is heading slightly higher than the close. Apple computer rose a dollar as it reported strong earnings. What it shows is that company specific news could move markets up or down this week and one can expect volatility for next week. Thursday 17/7/03 6:30 am The Dow ended down and Nasdaq took a slight dip as the "confession" season sets in. IBM, MOT, AMD, Ford came out with earnings reports which are mostly within expectations or were lower. Nothing outstanding and Wall street took that as an excuse to take some profits. Greenspan again hinted that deflation is not a real threat but all and sundry expects him to keep rates lower for a long period of time. When? A good guess would be when consumer confidence takes off and Dow is somewhere closer to the top than the bottom. As for the STI, there is a wave target of 1625 and this means blue chips may be closer to the corrective phase than most would have anticipated. Wed 16/7/03 6:30 am The Dow ended a notch lower and Nasdaq was almosy unchange. The big news is on tech stocks such as Motorola and Intel. Intel sets Nasdaq futures higher by 12 points with better than expected earnings and guidance and the after hours trading saw it soaring to $25.41 from its close of $24.10. Motorola closed at $9.78 and is trading at $9.68 in the after hours market. Earnings are within expectations but company forecast for 3 rd quarter was weaker than expected. The strong move in Intel bodes well for tech stocks and semi-cons for the medium term. Horizon enters into a reverse takeover with GVN and issued its 1,663,875,000 shares at S$0.08 for the takeover. The price of GVN is set at US$76.5mln. The takeover is subjected to regulatory and shareholders approval. 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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