| 04/04/2003 Friday 06:15 am Friday 6:15 am The sense of calm is returning to the market after weeks of war news in Iraq and the spread of SARS become discounted by the street. Bank stocks are still forming base patterns with recent lows seen as support. Interest likely to be shown on recent IPOs as there is a new listing next week- Technics, which is priced at $0.22. More on this IPO next week. Sunday 11:30 pm The market is running ahead of the Iraq war and with wall street ramping up on Friday, Monday may see better prices for most stocks including laggards. IPO debunte Ocean Sky may perform well in the light on good subscription rate and strong demand from funds. See interest in blue chips such as DBS, UOB and OCBC as STI chart is still positive. Wednesday 8:10 pm No signs that the rally can be sustained as early moves up were met with selling pressure for blue chips. ST Engr did well to close at 1.79 and is pricing in some of the high dividend- be to play safe as it nears 1.80 and above. DMX may do well tomorrow as its reported Y2002 profit jumped 333% to US$3.9 mln despite slow world wide IT growth. Today saw the close of IPO ACCS which is a fairly large issue and interest expected to be lack lustre. Tomorrow will be the closing date for ASL which is in shipbuilding and marine services. Although the pe is low relatively to the market, interest in IPOs as reflected in recent debunte Axis, Design Studio, GKE etc were weak and most are underwater after trading one to two cents higher at the opening session. So long as the US threaten to hit Iraq, there could be little room for the bulls to roam. Wednesday 06:10 am One more down day in Wall street as the certainty that the Americans will attack Iraq no matter what the UN security council voted caued a gloom that is as thick as the smog of LA and our own haze in the late 1990s. There are no signs that the selling is letting up but the pace of the decline has slowed somewhat with some interest shown in blue chips that were battered this week. IPOs which are coming on-stream are expected to be hit by lack of interest. Today could see some action on Axis System which may see some volatilty due to size of offer and negative sentiments on one side and on the other end of the spectrum by interest shown by some funds. Tuesday 7:40 pm Some signs of buying apears towards the late afternoon and with the market now deeply oversold, a bounce may follow this week. DBS, UOB, OCBC are seeing some supports at recent lows. ST Engineering attractive yield of 11.2% may see more interest ahead. IPO listing Axis has some funds buying and could see some support but issue size may cap upside. 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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| Spare a thought and a prayer for the innocent lives lost and those that will be lost in the days ahead of this mindless killing in Iraq |