SGX Insider & Substantial Shareholder Activity from 18 - 22 Dec 06

Here are some of the more significant transactions reported over the past week:

BUKIT SEMBAWANG ESTATES LTD 19-Dec-06 Aberdeen Asset Management Asia Ltd (AAMAL) 2760500
CHINA PAPER HOLDINGS LIMITED 15-Dec-06 American International Group Inc. (AIG) -3489000
FIRST ENGINEERING LTD 19-Dec-06 AFFINITY ASIA PACIFIC FUND II LP 2989000
FIRST ENGINEERING LTD 18-Dec-06 AFFINITY ASIA PACIFIC FUND II LP 3934000
FIRST ENGINEERING LTD 15-Dec-06 AFFINITY ASIA PACIFIC FUND II LP 7640000
HONGGUO INTL HOLDINGS LIMITED 12-Dec-06 FMR Corp -990000
HONGGUO INTL HOLDINGS LIMITED 8-Dec-06 FMR Corp. 991000
INNOVALUES PRECISION LIMITED 8-Dec-06 Tiedemann Global Emerging Markets LP 478000
MACQUARIE MEAG PRIME REIT 19-Dec-06 Macquarie Bank Limited -8331400
MAPLETREE LOGISTICS TRUST 20-Dec-06 UBS AG -1000000
NOBLE GROUP LIMITED 19-Dec-06 Michel Harouche / Merrill Lynch International Bank Ltd 1009050
NOBLE GROUP LIMITED 18-Dec-06 Michel Harouche / Merrill Lynch International Bank Ltd 1500000
SEE HUP SENG LIMITED 20-Dec-06 Merrill Lynch & Co Inc / Merrill Lynch International 17000000
SINGAPORE AIRLINES LTD 15-Dec-06 Temasek Holdings (Private) Limited (Temasek) -1055450
SINGAPORE TECH ENGINEERING LTD 8-Dec-05 Aberdeen Asset Management Asia Ltd (AAMAL) 31034000
UNISTEEL TECHNOLOGY LTD 15-Dec-06 The Capital Group Companies Inc. (CGC) 2980000
UNITED INDUSTRIAL CORP LTD 21-Dec-06 Morgan Stanley Entities (please refer to footnotes) 14699000

Over the past week, both the FTSE and NASDAQ indices have came down alittle while the Nikkei225 stayed strong. The NASDAQ Composite is now above the 2380 - 2400 support zone and how it behaves over the next two weeks may give some clues as to where the equity markets will be headed. I've added a weekly chart of the NASDAQ Composite to the charts above, and the 15-period stochastics is starting to turn down.

As reported before, the November reading of the PMI (Purchasing Managers Index) has fallen below 50 to 49.5% for the first time since April 2003. Capacity utilization across all industries are also at over 80% in the US, it will be interesting to see how firms can keep increasing their earnings without raising prices. If earnings doesnt grow, the market will remain "expensive". But trading opportunities will continue to abound, especially in choppy markets with short 2-3 day up and down swings.

Wishing you and your family a very very happy new year!

SGX Insider & Substantial Shareholder Activity from 11 - 16 Dec 06

Here are some of the more significant transactions reported over the past week:

Capitacomm Trust, 08 Dec 06, Temasek Holdings, Sold 1,257,000 Shares
China Essence Group, 07 Dec 06, Value Partners Ltd, Bot 3,235,000 Shares
Ezra Holdings, 11 Dec 06, Lloyd George Investment Mgmt, Bot 175,000 Shares
First Engineering, 12 Dec 06, Affinity Asia Pacific Fund II, Bot 3,500,000 Shares
First Engineering, 14 Dec 06, Affinity Asia Pacific Fund II, Bot 2,264,000 Shares
Gallant Venture, 13 Dec 06, Transfer from Ascendas to Credit Suisss, 8,620,000 Shares
Hongguo Int'l Holdings, 07 Dec 06, Value Partners Ltd, Sold 3,650,000 Shares
HTL Int'l Holdings, 08 Dec 06, OCM Emerging Markets LP, Sold 1,159,000 Shares
Mediaring Ltd, 12 Dec 06, Paramount Assets Investments, Bot 7,990,000 Shares
Roly Int'l, 13 Dec 06, Moon Capital Management LP, Bot 5,505,000 Shares
Singapore Petroleum Co Ltd, Temasek Holdings, Bot 5,660,000 Shares
Sunningdale Tech Ltd, 12 Dec 06, New Smith Capital Partners, Sold 38,181,000 Shares
Unisteel Tech Ltd, 07 Dec 06, The Overlook Partners Fund LP, Sold 150,000 Shares
Unisteel Tech Ltd, 11 Dec 06, The Overlook Partners Fund LP, Sold 456,000 Shares
Unifiber, 12 Dec 06, Stark Investments (HK) Ltd, Bot 120,000,000 Shares
Venture Corp, Templeton Investment Counsel LLC, Sold 471,000 Shares

Insider and Subst. Shareholder sells remain on slightly higher than usual levels.

The US Market continues to be choppy over the past week but is still on a slight upward gradient. The market breadth oscillator still has some room on the upside. Both the FTSE and Nikkei Indices are in overbought territory while the NASDAQ Composite is approaching overbought level.

The US market had a boost of confidence from the lower than expected CPI and higher Industrial Production reports released last Friday. However, Core Inflation still remains high in the upper 2% range, and unless it falls faster than usual, an interest rate cut does not seem likely. The consumer saving is -9.7% of Disposal Personal Income, which means that savings and assets are being liquidated to fuel the retail spending, and according to Macroeconomic theory, a negative savings rate usually means lower GDP in the future.

Have a gd week!

SGX Insider & Substantial Shareholder Activity from 04 - 08 Dec 06

Here are some of the more significant transactions reported over the past week extracted from the attached file:

Asiatravel.com, 07 Dec 06, Avenue Investments, Bot 132,000 Shares
Aussino Group, 01 Dec 06, Arisaig ASEAN Fund, Bot 411,000 Shares
Capcomm Trust, 04 Dec 06, Temasek Holdings, Bot 1,335,998 Shares
China Hongxing Sports, 07 Nov 06, Baring Asset Management, Bot 937,000 Shares
China Petrotech, 04 Dec 06, Deutsche Bank AG, Sold 900,000 Shares
China Sky, 04 Dec 06, Value Partners Limited, Bot 3,092,000 Shares
CSE Globla, 05 Dec 06, UOB Asset Mgmt, Bot 3,995,000 Shares
Eupure International, 04 Dec 06, UOB Asset Mgmt, Bot 4,405,000 Shares
Falmac Limited, 05 Dec 06, United Overseas Bank, Sold 750,000 Shares
Fibrechem Technologies, 07 Dec 06, Lonsdale Group, Sold 1,000,000 Shares
Fibrechem Technologies, 08 Dec 06, Lonsdale Group, Sold 200,000 Shares
Hongguo International, 01 Dec 06, Value Partners Limited, Sold 4,622,000 Shares
Hotung Investments, 30 Nov 06, Thrid Avenue Management, Bot 4,660,000 Shares
HTL International, 30 Nov 06, FMR Corp, Sold 967,000 Shares
Innovalues Precision, 06 Dec 06, Morgan Stanley Asia, Bot 2,573,000 Shares
Jasper Investments, 06 Dec 06, United Overseas Bank, Sold 134,382,000 Shares
Jaya Holdings, 05 Dec 06, Cheyne Special Situations Fund, Sold 20,000,000 Shares
Jaya Holdings, 05 Dec 06, Various Funds, Bot 55,494,235 Shares
K-REIT, 02 Nov 06, Temasek Holdings, Bot 572,565 Shares
LMA International, 30 Nov 06, Sold 2,406,000 Shares
Longcheer Holdings, 06 Dec 06, JF Asset Mgmt, Bot 4,508,000 Shares
Nera Electronics, 30 Nov 06, Various Funds, Bot 3,694,000 Shares
Nera Electronics, 06 Dec 06, Various Funds, Bot 2,907,078 Shares
Pacific Century Regional Devts, 01 Dec 06, Richard Li Tzar Kai/UBS AG, Bot 28,167,000 SharesParkway Holdings, 30 Nov 06, FMR Corp, Bot 411,000 Shares
Sembcorp Industries, 01 Dec 06, Temasek Holdings, Sold 760,280 Shares
Sembcorp Marine, 30 Nov 06, Temasek Holdings, Bot 792,000
Singpost, 01 Dec 06, The Capital Group Companies, Bot 15,831,664 Shares
Spindex Industries, 23 Nov 06, Chartered Asset Mgmt, Sold 1,129,000 Shares
Unisteel Technology, 05 Dec 06, Charted Asset Mgmt, Sold 1,251,000 Shares
Yellow Pages, 04 Dec 06, Global Advisory Group, Bot 1,123,000 Shares
Yellow Pages, 05 Dec 06, Global Advisory Group, Bot 336,000 Shares

The number of reported transactions is the highest I've seen so far over these few months. The number of sell transactions reported was also the highest.

The non-correlation of the FTSE, Nikkei 225 and the Nasdaq Composite indices continues to prevail, sort of suggesting that these markets may not share a common view on the outlook of the global market. The NASDAQ Composite continues to be rangebound with volatility picking up over the past week, where the 2465 mark needs to be broken for a more convincing breakout (i.e. bulliah indication). Short-term market breadth oscillator is at the low end; suggesting that the market has room on the upside in the next couple of days.

I've also updated the DJIA Forecast and the Consumer Sentiment & Margin Debt charts with the November data (see below).

Hv a good week!

SGX Insider & Substantial Shareholder Activity from 27 Nov - 01 Dec 06

Some of significant change of beneficial ownership transactions reported on the SGX for the past week:

China Petrotech, 28 Nov 06, Deutsche Bank, Sold 315,000 Shares
China Petrotech, 23 Nov 06, Deutsche Bank, Sold 1,620,400 Shares
Hotung Investment Holdings, 27 Nov 06, Third Avenue LLC Bot 8,028,000 Shares
Noble Group, 29 Nov 06, Merrill Lynch Int'l Bank, Bot 1,000,000 Shares
Olam Int'l, 27 Nov 06, The Capital Group Companies, Bot 14,246,000 Shares
SMRT Corp, 28 Nov 06, Temasek Holdings, Sold 345,000 Shares
Spindex Industries Ltd, 23 Nov 06, Chartered Asset Mgmt Sold 1,129,000
Starhub Ltd, 28 Nov 06, Temasek Holdings Sold 16,736,8119 Shares

Nothing much has been happening over the past week except the MAS warning of a possible correction of the global equity markets. The disposal of a large amount of Starhub shares by Temasek looks interesting...

The US Market had a down week overall but is still not confirming any sort of downtrend. The FTSE remains in oversold region while the Nikkei advanced for three straight days last week and is now at short-term overbought levels. So the regional indices dont seem to be providing much of a clue of future direction. The 2,400 mark seems to be the key threshold level for the NASDAQ composite.

The housing market in the US continues to fall; inventories of homes for sale is rising, about 3% of sub-prime mortgages have become delinquent, late installment payments are increasing, residential fixed investment has dropped by more than 10% (which has led to recessions in the past).

Other items include:- the ISM index is below 50 for the first time in 22 months, suggesting a slowdown in manufacturing activity in the US- raw material prices are low but producers are increasing prices. (Most likely to maintain their profit margin by raising prices to offset rising wages)

Hv a good week.