| 20/01/2003 Monday 09:25 pm Monday 9:30 pm NOL closed off the day's high. The company issued a guideline on its 2002 results. Whilst stressing that the second half to be better, NOL expects to write off exceptional items. Trend stays bullish with support seen at 0.95. IPO debuntant GKE International comes in at $0.20 and is oversubscribed by 4.4 times. PE is close to 8 time and well below the industry's PE of 11-23 times. Issue size is 40 million shares and profit after tax is a decent $2.9mln for YA2002. The company has a much vaunted licence from LME (London Metal Exchange) to warehouse and transport non-ferrous metals. This is a unique business as it is the only Singapore company to hold the licence and it is expected to provide a stable source of income for GKE, even in times of slow economic growth. Support seen at 0.22 and barrier at 0.28. Monday 4:25 pm The market condition worsen in tune with the weak close of Wall Street. There is a play on NOL which shows signs of resilience. Clearing 0.95 may see test of 1.05. Wave analysis is still positive. Chartered supports are at 0.735 and 0.70. Friday 6:25 am The big ones came out and did not disappoint. Microsoft beat market expections with better earnings and a dividend payout. IBM was a shade better but Sun Microsystem was off expectations. Dow closed slightly lower but advances beat decliners and this is the state of affair of the market: cautious. Nasdaq closed lower and may move higher when Microsoft news is fully digested by the market. Stats closed at USD7.94=SD1.37, Chartered at USD4.929=SD0.85, Creative USD7.65=SD13.20. Most tech stocks are a shade lower at the afterclose trading hours and this sense of cautiousness may persist today. Wednesday 10:25 pm The market closed firm with Datacraft and Chartered showing the wat up. DMX made gains although charts are now getting overbought. Transview and Nuclues Electronic recorded better profits and may show some interest tomorrow. M1 reporting earnings tomorrow and upside seen at 1.32 with eventual target at 1.50. Bias is up. NOL chart stays bullish and break from 0.95 may see 1.05. Monday 9:45 pm Chartered issued a statement delinking itself from the IBM-AMD venture and this could see some light downward pressure tomorrow. However, the shift in momentum is now upwards and expect upward bias to resume when corrective swings are over. The STI cleared 1383 and next targets at 1400 and 1420. Property stocks, in particular Capitaland and City Dev made strong gains and show signs of more upside this week. Tonight's retail sales is closely watched. The North Korean crisis appears to have blown over as the US is bending backwards to avoid opening up another war front as it engages Iraq in a game of brinkmanship. Today's strong close suggest one more up day tomorrow but expect intermittent profit taking. Sat 6 am Chartered made a sharp move in Singapore and Nasdaq, closing at 0.85 in Nasdaq and Stats at 1.29. Chartered next barriers seen as 0.89 and then 0.95. Stats targets at 1.38 and 1.43. Datacraft turns on charts and next targets at 0.77 and 0.825. Food sector did well and Pfood and Ufood seen leading the way higher with volume improving. STI made rounded bottom at 1316 and test of 1383 possible next week. The Dow and Nasdaq made good gains despite weaker than expected non-farm payrolls but many suspect the numbers were distorted by season factors and an improvement seen this month. Monday in US may set the pace for the week as retail sales numbers released for December could see a turn in spendings by retailers. Jan 17 could set the tone for the tech sector with capacity utilization expected around 75.6%. 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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