| 03/04/2003 Tuesday 11:30 pm Tuesday 11:30 pm The Dow and Nasdaq is falling on news of a fresh confrontation between US and North Korea aircrafts near the Korean Peninsular and US deployment of 60,000 more troops to the gulf area signalling a determined Bush to wage war come what may. With the bombing of Basrah and other towns near the no-fly zone, some are predicting that the US and UK could go in early without any UN backing. Even Iraqi destruction of its missiles could not stave the hawks of pentagon and to bet against war breaking out is going against the odds. Gold moved up by $5 and hedging in gold related stocks may be better bets against this backdrop. CitiRaya is the only proxy to gold in SGX and target stays at 0.605. Tuesday 03/04 6:30 am Dow and Nasdaq dropped as ISM report indicates that the manufacturing sector in the US is still sluggish. Despite the drop, the focus is still very much on geo-political issues and with Iraq destroying its missiles, there could be more resistance in the UN on the impending war. Here, Citiraya broke a major wedge pattern on chart and next targets at 0.575 and 0.605. Kep Corp stays bullish and drop from here may be corrective. Trend for the short term stays positive despite Wall street decline. UOB results is sparkling albeit discounted and it could see support at 10.40 and 10.00. Monday 03/03/2003 3:30 pm There are hopes rising that the war may not take place afterall with Iraqi destruction of its missiles. There seems to be less and less reasons for the US to attack Iraq and with world opinion clearly against a war, the US administration may have to weigh the consequences of a unilateral war. Sinwa is doing well as it keeps above ipo price of 0.23. This bodes well for the next ipo- JK tech which is a smallish issue at 15.9 mln shares, priced at 0.20 and prospective pe of 7-8 times. Take up rate for public portion is expected to be high in view of the small amount alloted to the public. Kep Corp does well and target at 4.76-4.80. North 22 (question posed by a reader)- see range 0.03 to 0.065 for the near term. No sign of turn yet on charts. 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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