Tuesday, September 2, 2008

A Sudden Rebound

I had been warned that STI is due for a technical rebound, but yet I was still caught off-guard when the STI gained 40 plus points today. STI was down for about 10 points right from the start in the morning all the way to around 4.30pm, just half an hour before market close. All of sudden, it shot up 44 points, and closed the day by a gain of 45 points.

US dollar also went up strongly to 1.43 Singapore dollars to 1 US dollar, a high in the past few months.

I think now we are at a water-shed point. It STI can break the 2680 point threshold, then STI will be on the way down to ~2400 points; but STI can substain its gain and break 3000 point, then there is a higher chance of STI going up trend again. Mmmh, very hard to decide now.

OCBC issued a 2nd tranch of preference shares, and the 4.5% NCPS are being dumped in the market. The price has dropped below its face value of S$100, down to $98.06 today. My heart is bleeding :(

UOB also started issuing preference shares at 5.05% per annum. The application through ATM started on 28 Aug, and will end somewhere around 18 Sept.

The preference shares are good for your retirement days :)

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