On 17/May, Singapore shares yet again end lower Monday on fears that the debt problem in the Europe may drag down on the progress for the global economic growth. The euro dollar also slumped to its lowest level against US dollar since four years ago on Monday.
STI ended 21.52 points (0.75%) lower at 2833.69 with slightly higher VOL of 1.35 billion shares traded compared with 1.25 billion Friday. In the broader market, losers outnumbered gainer 425 to 101. Today STI has been drifting directionless at low trading volume throughout whole market session but managed to recover some of its damage when Europe zone markets opens.
"With the World Cup coming in June 2010, we believe that we will continue to see a lackluster and directionless equity market for the rest of May 2010," SIAS Research head Roger Tan said.
Headline in STI
Before market close
Today Noble Group (N21.SG) gaps down 36.6% at opening and finally ended at 10-month low of S$1.83. The fact that investors buying shares from today will not be entitled to bonus issue of 6 shares for every 11 shares held and dividend of US$0.036/share.
In addition, Noble also reported that they will acquire Northville Product Services which is part of petroleum and renewable fuels trading company NIC Holding Corp for US$70 million.
Important Resistance of Noble: $2.00
Immediate Support of Noble: $1.83
MY sentiment on Noble: Today they gap down at open mostly due to the bonus shares that they issued but the fact that the sell down volume is normal with Noble able to keep its price from the low at $1.79 and closed at $1.83 made us feel optimized about this counter. Thus we would encourage investors to accumulate this stock once the pressure ease. (Wait for 1 or 2 more days)
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