On 19/Mar, Singapore shares ended flat as very late sell down in DBS Group Holdings' share price after the resignation of its chairman offset earlier gains made on strengthening convictions that U.S. interest rates will stay lower for longer.
STI ended up 1.76 points at 2,915.70, with VERY LOW VOL of 1.05 billion shares traded compared with 1.32 billion shares Thursday. In the broader market, gainers outnumbered losers 235 to 227. Overall STI is near to the important technical resistance and buying up VOL is extremely weak.
STI was up most of the day, but fell sharply near the closing on the unexpected announcement that DBS Chairman Koh Boon Hwee would resign at the end of April. DBS ended down 3.2% at S$14.12 and the bank said that he will be replaced by board member Peter Seah. The huge sell down at the last moment by BB was extremely fast since DOW JONES WIRE only managed to announce the news at 17:15 today. With this, I would urge investors who are holding on DBS shares to be very careful. Huge sell down will be expected on MON for DBS since this news generally travelled to most of the retail investors AFTER the market is closed.
Immediate support of DBS: $14 (Will test this support on MON)
Next Immediate gap support of DBS: $13.58 to $13.80
4 comments:
This is not something unexpected when Peter Seah joined the board.
SINGAPORE (March 19, 2010) – In what was one of the worst kept secrets in Singapore’s corporate scene, DBS Group announced Mr Peter Seah will be taking over as chairman from May 1.
I still find DBS too expensive at current prices. =)
Createwealth8888
I did not follow up on the DBS management but it do seem Mr Koh has some impact on the company itself.
To Anonymous
See how much it drop on MON/TUES then decide whether u want to enter or not.
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