| 03/12/2002 Tuesday 07:30 am Tuesday 10:35 am Chartered moved higher at the back of better than expected outlook for Q4. Datacraft made its move and clearing 0.815 could see moves to 0.89 and then to gap of 1.03. The regional telcos are heading north as the worst may be over for the next few months for this sector. Maxis in KLSE is well supported at RM5.60 way above its IPO price of RM4.85 to institutions and RM4.35 to retail investors. TAC is up 3 cents at 0.69 and together with Indosat which is now at RP 8550. Singtel which is languishing at 1.32 could see surge in interest when M1 is listed tomorrow. Of the total issue size of 600.5 mln shares, institutions took up 88% or 526,395,000 shares. 7:30 am Dow ended off and lower but Nasdaq stays resilient with semi-con biotech and telco keeping the flag flying. Chartered outlook indicates a better Q4 ahead, in line with the recent news from chip industry and the after hours trading, it is now at USD6.60 which is at $1.16. See supports at 1.10 and 1.07. The US markets were heading sharply higher and it almost look too easy to end the day up but the ISM report which serves to indicate the pace of manufacturing activities went below 50%. The market grew nervous and selling pressure kept the prices of most stocks at the low end of the day's range. Over here Singtel released a report that it corporate sales in HK is taking off and that is bullish for the stock for the short term. News that M1 is oversubscribed by 4.9 times for the public portion of 39.28 million shares could also boost telco stocks. Of the 561 mln placement shares, only a small portion of 34.8 mln went to individuals. Monday 7:00 pm The US markets are expected to open firmer based on the current futures market. With the news coming out from the shopping malls that shoppers are out in full force, there are signs that many traders will believe that consumer confidence are likely to rise for the month of December. Traditionally, December is the best month for stores and retailers; the spending spree could give cheer to an economy that has been brow beaten by terrorists, war plans, corrupted CEOs and a worsening job climate. The stage is set for a strong surge this week and even the doomsday report by a group of physicists using statistical analysis may not stop the rampaging bull for ending the year on a bright note. There has been an upgrade on Intel and this is positive for tech stocks. 3:30 pm Semcop takes a beating after reporting poor results - see supports at 0.79-0.80. NOL drop after hitting 0.95 last week and trend is corrective with support at 0.85-0.86. Main trend is up. Key target at 1.18. Chartered enters into corrective phase, see supports at 1.09 and 1.07. Venture stays bullish on charts and clearing 15.30 may see moves to 15.70. Saturday 11:30 am Technical view and wave count for NOL and Chartered posted by email to mailing list. Included in the review is an insight into the M1 IPO. Those keen in getting a copy, pls click here. The week ahead for the US markets would be the job numbers which may show signs of improvement. US research houses are expecting unemployment at 5.8% which is largely unchanged but nonfarm payroll may see an improvement at 50k. There is a healthy improvement in the sales of chips and it could serve to indicate that the worst may be over for the semi-con industry. This could be positive for Chartered, Stats, Ellipsiz, ASTI and stocks related to the chips business. Tuesday 8:00 pm The market retreated on profit-taking and shows sign of correcting lower. TR Networks will be listed tomorrow and with oversubscription rate of 27 times, expect a firm opening. Priced at 0.20, the PE is 9.8 times and it compares well with competitors which have PE from 16-32 times. The company is into marketing of beauty and health products and profit margain is an amazing 41% and compounded annual growth of 117%. The next IPO is M1 and this is priced at $1.32 which is at the lower end of scale. Yield remains attractive at 4.5%. Watch this space for detailed analysis. Previous commentaries |
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