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the skies have opened and data rains from the blue above
August 6, 2007, 3:53 pm
Filed under: diary, investments/finance/economics

06/08/07

The STI dropped 3.7% today while I was at my inauguration ceremony. I was already feeling a bit uneasy about not being able to check out my portfolio at the start of the week and I rushed home the moment everything was over and done with. A little bit of worry was simmering somewhere in the recesses of my heart throughout the day and I had a hunch that today would be different; my premonitions were justified when I opened my Shareinvestor account to check my portfolio. Most surprisingly bank stocks fell and this might be an indication of changing investor sentiments. Subprime was always a possible banana peel but I never thought it will be so bad that it can affect Asian markets. However there are worries that Singaporean banks own a substantial amount of CDOs and that the subprime debacle will hurt them.

My question is why Chinese stocks listed on the SGX fell, together with a whole bunch of Singaporean counters which have no easily deduced relation with bank stocks. Fundamentals have not changed but prices are falling. Is this the start of a sustained fall? I am quite doubtful.

On a brighter note, I found a fabulous source of economic, financial and business data. Borrowing Jim Cramer’s pet expression, BOOOYAAAAHHH!

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