SGX Insider & Substantial Shareholder Activity from 22 - 31 Jan 07

Here are some of the more significant Insider and Substantial Shareholder transactions reported on the SGX (extracted from the emailed file) over the past week :

ADVANCED HOLDINGS LTD./ Subst Shrhdr/ 19-Jan-07/ FMR Corp/ Sales in Open Market at Own Discretion / -1000000

CELESTIAL NUTRIFOODS LIMITED/ Subst Shrhdr/ 22-Jan-07/ JF Asset Management (Singapore) Limited/ Open Market Purchase / 6000000

CG TECHNOLOGIES HOLDINGS LTD/ Subst Shrhdr/ 18-Jan-07/ The SFP Asia Master Fund Ltd./ Open Market Purchase / 2660000

CG TECHNOLOGIES HOLDINGS LTD/ Subst Shrhdr/ 17-Jan-07/ THE SFP ASIA MASTER FUND LTD/ Open Market Purchase / 1886000

CHINA SKY CHEM FIBRE CO./ Subst Shrhdr/ 29-Jan-07/ JF ASSET MANAGEMENT (SINGAPORE) LIMITED/ Purchase and sales of shares. / 9980000

CSE GLOBAL LTD/ Subst Shrhdr/ 24-Jan-07/ FMR Corp/ Market transaction. / 840000

DIGILAND INTERNATIONAL LTD/ Subst Shrhdr/ 23-Jan-07/ Temasek Holdings (Private) Limited/ Sales in Open Market at Own Discretion / -43650000

DIGILAND INTERNATIONAL LTD/ Subst Shrhdr/ 22-Jan-07/ Temasek Holdings (Private) Limited/ Sales in Open Market at Own Discretion / -153956000

DIGILAND INTERNATIONAL LTD/ Subst Shrhdr/ 19-Jan-07/ Temasek Holdings (Private) Limited/ Sales in Open Market at Own Discretion / -166477000

DIGILAND INTERNATIONAL LTD/ Subst Shrhdr/ 18-Jan-07/ DBS Group Holdings Ltd/ Sales in Open Market at Own Discretion / -43650000

DIGILAND INTERNATIONAL LTD/ Subst Shrhdr/ 17-Jan-07/ DBS Group Holdings Ltd/ Sales in Open Market at Own Discretion / -153956000

GKE INTERNATIONAL LIMITED/ Subst Shrhdr/ 23-Jan-07/ BAN JOO LOGISTICS PTE LTD/ Sales in Open Market at Own Discretion / -8796000

HIAP SENG ENGINEERING LTD/ Director/ 23-Jan-07/ Cheng Buck Poh/ Sales in Open Market at Own Discretion / -21000000

HIAP SENG ENGINEERING LTD/ Director/ 23-Jan-07/ Tan Leau Kuee/ Sales in Open Market at Own Discretion / -9000000

HONGGUO INTL HOLDINGS LIMITED/ Director/ 25-Jan-07/ Miao Bingwen/ Open Market Purchase / 1750000

HOSEN GROUP LTD/ Director/ 25-Jan-07/ Chong Poh Soon/ Sales of Shares at Own Discretion. / -30000000

HOTUNG INVESTMENT HLDGS LTD/ Subst Shrhdr/ 25-Jan-07/ Overseas Asset Management (Cayman) Ltd/ Open Market Purchase / 1800000

JIUTIAN CHEMICAL GROUP LIMITED/ Subst Shrhdr/ 29-Jan-07/ Merrill Lynch & Co Inc/ Open Market Purchase / 2600000

JIUTIAN CHEMICAL GROUP LIMITED/ Subst Shrhdr/ 25-Jan-07/ United Overseas Bank Limited/ Open Market Purchase / 3000000

JIUTIAN CHEMICAL GROUP LIMITED/ Subst Shrhdr/ 25-Jan-07/ UOB Asset Management Ltd/ Open Market Purchase / 3000000

KOH BROTHERS GROUP LIMITED/ Director/ 24-Jan-07/ Koh Teak Huat/ Sales in Open Market at Own Discretion / -825000

KOH BROTHERS GROUP LIMITED/ Director/ 23-Jan-07/ Koh Tiat Meng/ Sales in Open Market at Own Discretion / -500000

KOH BROTHERS GROUP LIMITED/ Director/ 23-Jan-07/ Koh Tiat Meng/ Sales in Open Market at Own Discretion / -198000

KOH BROTHERS GROUP LIMITED/ Director/ 18-Jan-07/ Koh Teak Huat/ Sales in Open Market at Own Discretion / -200000

KOH BROTHERS GROUP LIMITED/ Director/ 16-Jan-07/ Koh Teak Huat/ Sales in Open Market at Own Discretion / -200000

KOH BROTHERS GROUP LIMITED/ Director/ 12-Jan-07/ Koh Teak Huat/ Sales in Open Market at Own Discretion / -200000

MAPLETREE LOGISTICS TRUST/ Subst Shrhdr/ 25-Jan-07/ UBS AG/ Sales in Open Market at Own Discretion / -792000

MAPLETREE LOGISTICS TRUST/ Subst Shrhdr/ 25-Jan-07/ Temasek Holdings (Private) Limited/ Open Market Purchase / 94429673

MEDIARING LTD/ Subst Shrhdr/ 22-Jan-07/ PARAMOUNT ASSETS INVESTMENTS PTE. LTD./ Open Market Purchase / 13785000

OSIM INTERNATIONAL LTD/ Subst Shrhdr/ 24-Jan-07/ Templeton Worldwide Inc/ Open Market Purchase / 6847000

ROLY INTERNATIONAL HLDGS LTD/ Subst Shrhdr/ 24-Jan-07/ Moon Capital Management LP/ Open Market Purchase / 4073000

ROLY INTERNATIONAL HLDGS LTD/ Subst Shrhdr/ 19-Jan-07/ Moon Capital Management LP/ Open Market Purchase / 4786015

THAI VILLAGE HOLDINGS LTD/ Subst Shrhdr/ 18-Jan-07/ Noble Asset Management Ltd/ Open Market Purchase / 5000000

TPV TECHNOLOGY LIMITED/ Subst Shrhdr/ 19-Jan-07/ Government of Singapore Investment Corporation/ - / 36789000

UNITED FIBER SYSTEM LIMITED/ Director/ 22-Jan-07/ Chia Quee Hock/ Sales in Open Market at Own Discretion / -3000000

UNITED FIBER SYSTEM LIMITED/ Director/ 19-Jan-07/ Chia Quee Hock/ Sales in Open Market at Own Discretion / -3000000

UNITED FIBER SYSTEM LIMITED/ Director/ 19-Jan-07/ Chia Quee Hock/ Sales in Open Market at Own Discretion / -2000000

YONGNAM HOLDINGS LIMITED/ Subst Shrhdr/ 24-Jan-07/ United Overseas Bank Limited/ Sales in Open Market at Own Discretion / -6000000

YONGNAM HOLDINGS LIMITED/ Subst Shrhdr/ 23-Jan-07/ United Overseas Bank Limited/ Sales in Open Market at Own Discretion / -9190000

YONGNAM HOLDINGS LIMITED/ Subst Shrhdr/ 22-Jan-07/ United Overseas Bank Limited/ Open market sales by UOB. / -7122000


As expected, insider and substantial shareholder transactions remain high as the market remains at high ground. Some of the more interesting transactions took place in Jiutian, Koh Brothers, TPV, UniFiber and Yongnam. Yongnam seems to have quite a large free market float as its directors have been selling over the past few weeks but the price seems to be holding up.

The Shanghai and Hang Seng Indices both declined by a fair bit on 31 Jan. But this decline has put the Hang Seng in short term oversold territory, so a bounce is probably coming pretty soon. As for the Nikkei, the stochastics have only crossed below the 50% mark, and probably has more downside. If the Nikkei slides, the Hang Seng would not be too far behind. The 30-day EMA seems to be the optimal line for the Nikkei for many months now.

I've been working as a temp in a private bank for third week now... and this will be my last week. I've got to be the most highly educated clerical staff ever... :D It was a good exposure to see how the place runs, and if private bankers were really as professional as what the industry makes them out to be. Well, all I have to say is "Same ko-yoh ('magic' ointment), different packaging". I'm amazed at the weight given by clients to the opinion of these people.

One of the reason (besides laziness) for the late update was because I was preparing a synonpsis for a friend who is interested in operationalising my investment model, just hope something concrete comes up (after all the false hopes I recieved over the past year). But if nobody believes in it, I do, after five years of work, I feel that I'm very near.

Oil prices have started to come alive once more, but is the move going to be substantial, I'll have to so some homework first. But if they do rise, then the possiblilty of a rate cut by the Fed in Q2 may not happen, depending on how much does the rise in oil price contribute to inflation. The research by HSBC Private Bank (and many other research houses) all believe that the falling US Property market will affect consumer spending, causing a slowdown in Q1, which gives the Fed a reason to ease the rates, setting the bulls loose once again....is that gonna be the case? Let's wait and see.

The fast line of the Market Breath Oscillator has moved to the high side on Tue, and its likely that the NASDAQ will move lower on Wed. However, the PCR oscillator is in bullish territory... while the Volatility Oscillator is not doing much. I made a rather interesting observation between the PCR line and the Options Volume today. Will comment on it on the next update.

And on the weekly chart, still the same story... signs of weakness, but no confirmation.

Have a good week!

SGX Insider & Substantial Shareholder Activity from 15 - 19 Jan 07

Here are some of the more significant Insider and Substantial Shareholder transactions reported on the SGX (extracted
from the emailed file) over the past week :


ADVANCED HOLDINGS LTD. /Subst Shrhdr /17-Jan-07 /FMR Corp. /Open market sale /-2000000

ADVANCED HOLDINGS LTD. /Subst Shrhdr /15-Jan-07 /FMR Corp. /Open market sale /-1633000

ARIANECORP LIMITED /Subst Shrhdr /18-Jan-07 /D.B. Zwirn Special Opportunities Fund L.P. /Open Market Purchase /19000000

ASIA DEKOR HOLDINGS LIMITED /Subst Shrhdr /15-Jan-07 /Value Partners Limited /Open market sale /-9338000

A-SONIC AEROSPACE LIMITED /Subst Shrhdr /17-Jan-07 /Thomas Tay Nguen Cheong /Open market sale /-5740547

CHINA HONGXING SPORTS LIMITED /Subst Shrhdr /16-Jan-07 /CENTURION INVESTMENT MANAGEMENT LIMITED /Married deal /-
10000000

CHINACAST COMM HLDGS LTD /Subst Shrhdr /11-Jan-07 /Intel Corporation /Open market sale /-23433751

CSE GLOBAL LTD /Subst Shrhdr /15-Jan-07 /United Overseas Bank Limited (UOB) /Open market sale /-4630000

DBS GROUP HOLDINGS LTD /Subst Shrhdr /16-Jan-07 /DBS GROUP HOLDINGS LTD /Open market sale /-166477000

FALMAC LIMITED /Subst Shrhdr /18-Jan-07 /United Overseas Bank Limited (UOB) /Open market sale /-2301000

FALMAC LIMITED /Subst Shrhdr /15-Jan-07 /United Overseas Bank Limited (UOB) /Open market sale /-750000

FIRSTLINK INV CORP LTD /Subst Shrhdr /16-Jan-07 /Putra Pacific Holdings Pte Ltd /Open market sale /-3075000

FIRSTLINK INV CORP LTD /Subst Shrhdr /15-Jan-07 /Putra Pacific Holdings Pte Ltd /Open market sale /-21409000

K1 VENTURES LIMITED /Subst Shrhdr /17-Jan-07 /GLOBATON INVESTMENTS LIMITED /Open market sale /-106529400

LANDWIND MEDICAL HOLDINGS LTD /Subst Shrhdr /17-Jan-07 /Echo Investment Holdings Limited /Open Market Purchase /3000000

LANDWIND MEDICAL HOLDINGS LTD /Subst Shrhdr /16-Jan-07 /Echo Invesment Holdings Limited /Open Market Purchase /17350000

LONGCHEER HOLDINGS LIMITED /Director /23-Nov-06 /Longpartner Investment Limited /Open market sale /-2880000

MACQUARIE INT'L INFRA FUND LTD /Subst Shrhdr /23-Nov-06 /ABU DHABI INVESTMENT AUTHORITY /Open market sale /-18760000

SAPPHIRE CORPORATION LIMITED /Subst Shrhdr /16-Jan-07 /UNITED OVERSEAS BANK LIMITED (UOB) /Open market sale /-30000000

SAPPHIRE CORPORATION LIMITED /Subst Shrhdr /15-Jan-07 /UNITED OVERSEAS BANK LIMITED (UOB) /Open market sale /-50000000

SEMBCORP MARINE LTD /Subst Shrhdr /12-Jan-07 /Temasek Holdings (Private) Limited (Temasek) /Open Market Purchase /
2662000


The Asian markets continue to do well despite to short selloff on the US markets over the past week. Short term traders
are the most happy people during such times in my opinion, this is really the time when stocks are picked by throwing
darts. Pigs are flying...

Over lunch at the Golden Shoe Food Centre today, I overheard (actually, evesdropping is more like it, heheh) two office
ladies talking about their purchases of Genting Int'l. One of them intends to keep her two lots for long-term, hope
she's right.

The China A Shares had a stellar year in 2006. I only got to know about it after reading the factsheet of the ABN Amro
China A Shares Fund - that is unfortunately only available to high-net-worth investors. That caused me to go digging for
historical price data of the Shanghai Stock Exchange... there's only one thing I can say about the market transparency
in China... it s*cks!

A number of analysts in the US continue to remain bearish (or slightly negative at best) about the US market. Some of
the reasons being cited were:

- Quarterly change in nominal GDP in the forth quarter has reached historical low
- Liquid assets as a percentage of debt in the US has dropped to 1.6%
- Inflation of 2.5% is still above the comfort zone of the Fed

I've made some improvements to the US Indicators chart over the weekend. A new series (or rather a new way of
displaying) is being added to the same chart of the Volatility oscillator. As seen from the chart, these two series
follow each other very closely, so now we have even more confirmation for trading signals. And with the volatility
oscillator reading still below '0', there should be abit more short term downside for the US Markets.

On the weekly NASDAQ chart, the 2380-2420 level is still holding up, but the MACD is looking a little weak.

Have a good week!

SGX Insider & Substantial Shareholder Activity from 08 - 12 Jan 07

Here are some of the more significant Insider and Substantial Shareholder transactions reported on the SGX (extracted from the emailed file) over the past week :

1ST SOFTWARE CORP LTD/ Director/ 20-Dec-06/ Shimoga Krishnamoorthy Rao Guruprakash/ The Central Depository (Pte) Ltd/ Sales in Open Market at Own Discretion/ -500000

1ST SOFTWARE CORP LTD/ Director/ 19-Dec-06/ Shimoga Krishnamoorthy Rao Guruprakash/ The Central Depository (Pte) Ltd/ Sales in Open Market at Own Discretion/ -2000000

ALLGREEN PROPERTIES LTD/ Director/ 11-Jan-07/ Andrew Choo Hoo/ Andrew Choo Hoo/ Sales in Open Market at Own Discretion/ -50000

ALLGREEN PROPERTIES LTD/ Director/ 10-Jan-07/ Andrew Choo Hoo/ Andrew Choo Hoo/ Sales in Open Market at Own Discretion/ -550000

ALLGREEN PROPERTIES LTD/ Director/ 9-Jan-07/ Goh Soo Siah/ Goh Soo Siah/ Sales in Open Market at Own Discretion/ -500000

ALLGREEN PROPERTIES LTD/ Director/ 9-Jan-07/ Goh Soo Siah/ Pearling Holdings Pte Ltd/ Sales in Open Market at Own Discretion/ -800000

A-SONIC AEROSPACE LIMITED/ Subst Shrhdr/ 11-Jan-07/ Thomas Tay Nguen Cheong/ Sales in Open Market at Own Discretion/ -150000

A-SONIC AEROSPACE LIMITED/ Subst Shrhdr/ 10-Jan-07/ Thomas Tay Nguen Cheong/ Sales in Open Market at Own Discretion/ -533000

A-SONIC AEROSPACE LIMITED/ Subst Shrhdr/ 9-Jan-07/ Thomas Tay Nguen Cheong/ Sales in Open Market at Own Discretion/ -866000

A-SONIC AEROSPACE LIMITED/ Subst Shrhdr/ 8-Jan-07/ Thomas Tay Nguen Cheong/ Sales in Open Market at Own Discretion/ -620000

A-SONIC AEROSPACE LIMITED/ Subst Shrhdr/ 5-Jan-07/ Thomas Tay Nguen Cheong/ Sales in Open Market at Own Discretion/ -320870

A-SONIC AEROSPACE LIMITED/ Subst Shrhdr/ 4-Jan-07/ Thomas Tay Nguen Cheong/ Sales in Open Market at Own Discretion/ -1200000

BIL INTERNATIONAL LIMITED/ Subst Shrhdr/ 8-Jan-07/ High Glory Investments Limited (HGI)/ Transfer to Citigroup/ 75000000

BOUSTEAD SINGAPORE LIMITED/ Subst Shrhdr/ 5-Jan-07/ UOB Asset Management Ltd/ Open Market Purchase/ 4308000

CDL HOSPITALITY TRUSTS/ Subst Shrhdr/ 8-Jan-07/ Morgan Stanley Investment Management/ Open Market Purchase/ 7894900

CDL HOSPITALITY TRUSTS/ Subst Shrhdr/ 8-Jan-07/ Lion Capital Management Limited/ Sales in Open Market at Own Discretion/ -314000

CHIP ENG SENG CORPORATION LTD/ Subst Shrhdr/ 11-Jan-07/ Kwek Lee Keow/ Sales in Open Market at Own Discretion/ -500000

CHIP ENG SENG CORPORATION LTD/ Director/ 11-Jan-07/ Lim Tiam Seng/ Teo Yeonh Investment Pte Ltd/ Sales in Open Market at Own Discretion/ -500000

CHIP ENG SENG CORPORATION LTD/ Director/ 11-Jan-07/ Lim Tiang Chuan/ Teo Yeonh Investment Pte Ltd/ Sales in Open Market at Own Discretion/ -500000

CITYAXIS HOLDINGS LIMITED/ Subst Shrhdr/ 11-Jan-07/ LOKE TAN CHUNG/ Sales in Open Market at Own Discretion/ -500000

CITYAXIS HOLDINGS LIMITED/ Director/ 10-Jan-07/ YEUNH OI SIONG/ KUMPULAN CITYAXIS SDN BHD/ Sales in Open Market at Own Discretion/ -1624000

CITYAXIS HOLDINGS LIMITED/ Subst Shrhdr/ 10-Jan-07/ KUMPULAN CITYAXIS SDN BHD/ Sales in Open Market at Own Discretion/ -1624000

CITYAXIS HOLDINGS LIMITED/ Director/ 9-Jan-07/ YEUNH OI SIONG/ KUMPULAN CITYAXIS SDN BHD/ Sales in Open Market at Own Discretion/ -2000000

CITYAXIS HOLDINGS LIMITED/ Subst Shrhdr/ 9-Jan-07/ KUMPULAN CITYAXIS SDN BHD/ Sales in Open Market at Own Discretion/ -2000000

CITYAXIS HOLDINGS LIMITED/ Subst Shrhdr/ 9-Jan-07/ LOKE TAN CHUNG/ Sales in Open Market at Own Discretion/ -332000

CITYAXIS HOLDINGS LIMITED/ Director/ 8-Jan-07/ YEUNH OI SIONG/ KUMPULAN CITYAXIS SDN BHD/ Sales in Open Market at Own Discretion/ -2000000

CITYAXIS HOLDINGS LIMITED/ Subst Shrhdr/ 8-Jan-07/ KUMPULAN CITYAXIS SDN BHD/ Sales in Open Market at Own Discretion/ -2000000

CITYAXIS HOLDINGS LIMITED/ Subst Shrhdr/ 5-Jan-07/ LOKE TAN CHUNG/ Sales in Open Market at Own Discretion/ -733000

CITYAXIS HOLDINGS LIMITED/ Subst Shrhdr/ 4-Jan-07/ LOKE TAN CHUNG/ Sales in Open Market at Own Discretion/ -3500000

COMPACT METAL INDUSTRIES LTD/ Director/ 10-Jan-07/ TAN KAY THO/ TAN KAY THO/ Sale to meet its financial obligation./ -2000000

COMPACT METAL INDUSTRIES LTD/ Director/ 10-Jan-07/ TAN KAY KIANG/ TAN KAY KIANG/ Sale to meet its financial obligation./ -351000

COMPACT METAL INDUSTRIES LTD/ Director/ 9-Jan-07/ TAN KAY KIANG/ TAN KAY KIANG/ Sales to meet its financial obligation./ -1199000

COMPACT METAL INDUSTRIES LTD/ Director/ 8-Jan-07/ TAN KAY KIANG/ TAN KAY KIANG/ Sales to meet its financial obligation/ -450000

COMPACT METAL INDUSTRIES LTD/ Subst Shrhdr/ 8-Jan-07/ SHINING HOLDINGS PTE LTD/ Sales to meet its financial obligation./ -2450000

COMPACT METAL INDUSTRIES LTD/ Subst Shrhdr/ 5-Jan-07/ SHINING HOLDINGS PTE LTD/ Sale to meet its financial obligation./ -2000000

CSC HOLDINGS LTD/ Director/ 10-Jan-07/ Ng San Tiong/ Tat Hong Holdigs Ltd/ Open Market Transaction/ -126934000

CSC HOLDINGS LTD/ Subst Shrhdr/ 10-Jan-07/ Chwee Cheng & Sons Pte Ltd/ Sales in Open Market at Own Discretion/ -127334000

CSC HOLDINGS LTD/ Subst Shrhdr/ 10-Jan-07/ Tat Hong Holdings Ltd/ Sales in Open Market at Own Discretion/ -127334000

CYBER VILLAGE HOLDINGS LIMITED/ Director/ 8-Jan-07/ Law Kam Kuan/ Law Kam Kuan/ Sales in Open Market at Own Discretion/ -7278180

CYBER VILLAGE HOLDINGS LIMITED/ Director/ 8-Jan-07/ Tony Pua Kiam Wee/ Mayban Nominees (S) Pte Ltd/ Sales in Open Market at Own Discretion/ -9000000

CYBER VILLAGE HOLDINGS LIMITED/ Director/ 8-Jan-07/ Tony Pua Kiam Wee/ Tony Pua Kiam Wee/ Sales in Open Market at Own Discretion/ -20649940

FALMAC LIMITED/ Subst Shrhdr/ 5-Jan-07/ United Overseas Bank Limited (UOB)/ Open market sales by UOB/ -3548000

FIRST ENGINEERING LTD/ Subst Shrhdr/ 11-Jan-07/ AFFINITY ASIA PACIFIC FUND II LP/ Open Market Purchase/ 4860000

FIRST ENGINEERING LTD/ Subst Shrhdr/ 10-Jan-07/ AFFINITY ASIA PACIFIC FUND II LP/ Open Market Purchase/ 990000

FIRST ENGINEERING LTD/ Subst Shrhdr/ 8-Jan-07/ AFFINITY ASIA PACIFIC FUND II LP/ Open Market Purchase/ 1080000

GUANGZHAO IND FOREST BIOGRPLTD/ Subst Shrhdr/ 9-Jan-07/ Hireach Assets Limited/ Sales in Open Market at Own Discretion/ -10000000

HONGGUO INTL HOLDINGS LIMITED/ Subst Shrhdr/ 8-Jan-07/ FMR Corp./ Market Transaction/ 606000

HOTUNG INVESTMENT HLDGS LTD/ Director/ 9-Jan-07/ Cheng Cheng Pin/ Energy Shipping Co. Ltd./ Sales in Open Market at Own Discretion/ -5000000

JASPER INVESTMENTS LIMITED/ Subst Shrhdr/ 8-Jan-07/ Oversea-Chinese Banking Corporation Limited/ Sales in Open Market at Own Discretion/ -63000000

JAYA HOLDINGS LTD/ Subst Shrhdr/ 5-Jan-07/ Affinity Asia Pacific Fund II LP/ Open Market Purchase/ 6876500

JAYA HOLDINGS LTD/ Subst Shrhdr/ 4-Jan-07/ Affinity Asia Pacific Fund II LP/ Open Market Purchase/ 7744000

LONGCHEER HOLDINGS LIMITED/ Subst Shrhdr/ 4-Jan-07/ IDG-Accel China Growth Fund L.P./ Disposal of shares in the open market./ -5000000

LONGCHEER HOLDINGS LIMITED/ Subst Shrhdr/ 4-Jan-07/ IDG-Accel China Growth Fund L.P./ Disposal of shares in the open market./ -4638500

LONGCHEER HOLDINGS LIMITED/ Subst Shrhdr/ 4-Jan-07/ IDG-Accel China Growth Fund L.P./ Disposal of shares in the open market./ -3840000

MACQUARIE MEAG PRIME REIT/ Subst Shrhdr/ 10-Jan-07/ Macquarie Bank Limited/ On-Market Transactions/ 1509000

MACQUARIE MEAG PRIME REIT/ Subst Shrhdr/ 9-Jan-07/ Morgan Stanley Investment Management Company/ Open Market Purchase/ 10109208

NTI INTERNATIONAL LIMITED/ Director/ 5-Jan-07/ APANDI BIN DOLLAH/ Sales in Open Market at Own Discretion/ -27210000

SAPPHIRE CORPORATION LIMITED/ Subst Shrhdr/ 9-Jan-07/ UNITED OVERSEAS BANK LIMITED (UOB)/ Open market sale by UOB/ -10000000

SAPPHIRE CORPORATION LIMITED/ Subst Shrhdr/ 8-Jan-07/ UNITED OVERSEAS BANK LIMITED (UOB)/ Open market sales by UOB/ -59672000

SC GLOBAL DEVELOPMENTS LTD/ Subst Shrhdr/ 10-Jan-07/ LEGG MASON INTERNATIONAL EQUITIES (SINGAPORE) PTE LTD/ Open Market Purchase/ 998000

SC GLOBAL DEVELOPMENTS LTD/ Subst Shrhdr/ 8-Jan-07/ OEI HONG LEONG/ Shares disposed through married deal/ -9824000

SINGTEL/ Director/ 11-Jan-07/ Lee Hsien Yang/ Open Market Purchase/ 799000

SINGTEL/ Director/ 10-Jan-07/ Lee Hsien Yang/ Open Market Purchase/ 1500000

SINGTEL/ Subst Shrhdr/ 4-Jan-07/ The Capital Group Companies Inc./ Open Market Purchase/ 4916000

TT INTERNATIONAL LIMITED/ Director/ 10-Jan-07/ Tong Jia Pi Julia/ Tong Jia Pi Julia/ Open Market Purchase/ 200000

TT INTERNATIONAL LIMITED/ Director/ 9-Jan-07/ Tong Jia Pi Julia/ Tong Jia Pi Julia/ Open Market Purchase/ 800000

TT INTERNATIONAL LIMITED/ Director/ 8-Jan-07/ Tong Jia Pi Julia/ Tong Jia Pi Julia/ Open Market Purchase/ 46000

TT INTERNATIONAL LIMITED/ Director/ 5-Jan-07/ Tong Jia Pi Julia/ Tong Jia Pi Julia/ Open Market Purchase/ 71000

UNITED INDUSTRIAL CORP LTD/ Subst Shrhdr/ 9-Jan-07/ Morgan Stanley Entities/ Open Market Purchase/ 14823330

WBL CORPORATION LIMITED/ Subst Shrhdr/ 8-Jan-07/ Third Avenue Management LLC/ Additional portfolio purchases/ 2213000

YELLOW PAGES(SINGAPORE)LIMITED/ Subst Shrhdr/ 9-Jan-07/ Global Advisory Group Pte Ltd/ Purchased of shares/ 3140000

YELLOW PAGES(SINGAPORE)LIMITED/ Subst Shrhdr/ 8-Jan-07/ Global Advisory Group Pte Ltd/ Purchased of shares/ 1861000

YELLOW PAGES(SINGAPORE)LIMITED/ Subst Shrhdr/ 5-Jan-07/ Third Avenue Management LLC/ Additional purchases/ 2131000

YELLOW PAGES(SINGAPORE)LIMITED/ Subst Shrhdr/ 5-Jan-07/ Global Advisory Group Pte Ltd/ Purchased of shares/ 1477000


Last week had one of the highest number of company insiders acquiring and disposing the shares of their companies. Fund management companies were quite active as well. The acquisition of Singtel shares by Lee Hsien Yang sheds light on the appreciation of Singtel's share price over the past week.

The markets continued to hold up largely due to two positive economic reports in the US. The december figure for retail sales came in above consensus value suggesting that consumers are still feeling positive and thus willing to spend. The seasonally adjusted inital jobless claims for the week ending 06 Jan 2007 came in below the expected figure of 325,000 - a sign that the job market is still looking good.

Techically, the weekly chart of the NASDAQ Composite has broken out of the consolidation range of 2380-2500 points. And with the earnings season just round the corner, sentiments are most likely going to remain positive through till February. However, there might be a short pullback this week due to the high reading in the market breadth oscillator.

I've added the weekly initial jobless claims data as an indicator in the weekly chart of the NASDAQ Composite, perhaps you can spot some correlation between the changes of the data and the index.

Hv a good week!

SGX Insider & Substantial Shareholder Activity from 01 - 05 Dec 07

Here are some of the more significant Insider and Substantial Shareholder transactions reported on the SGX (extracted from the emailed file) over the past week :

CHINACAST COMM HLDGS LTD\Subst Shrhdr\22-Dec-06\Intel Corporation\Sales in Open Market at Own Discretion\-22222918

DEVOTION ECO-THERMAL LIMITED\Subst Shrhdr\29-Dec-06\London Asia Capital PLC\Private Placement\10000000

EZRA HOLDINGS LIMITED\Subst Shrhdr\3-Jan-07\Temasek Holdings (Private) Limited\Open Market Purchase\18132960

FIRST ENGINEERING LTD\Subst Shrhdr\3-Jan-07\AFFINITY ASIA PACIFIC FUND II LP\Open Market Purchase\870000

FIRST ENGINEERING LTD\Subst Shrhdr\1-Jan-07\Neon Liberty Capital Management LLC\Sales in Open Market at Own Discretion\-6796000

HOTUNG INVESTMENT HLDGS LTD\Subst Shrhdr\29-Dec-06\Third Avenue Management LLC\Open Market Purchase\11085000

JASPER INVESTMENTS LIMITED\Subst Shrhdr\4-Jan-07\United Overseas Bank Limited\Sales in Open Market at Own Discretion\-250000000

JASPER INVESTMENTS LIMITED\Subst Shrhdr\28-Dec-06\United Overseas Bank Limited\Sales in Open Market at Own Discretion\-81089000

JAYA HOLDINGS LTD\Subst Shrhdr\29-Dec-06\Affinity Asia Pacific Fund II LP\Open Market Purchase\14572096

LONGCHEER HOLDINGS LIMITED\Subst Shrhdr\4-Jan-07\JF Asset Management (Singapore) Limited\Purchase and sales of shares.\4650000

ROLY INTERNATIONAL HLDGS LTD\Subst Shrhdr\29-Dec-06\Moon Capital Management LP\Open Market Purchase\4050000

SAPPHIRE CORPORATION LIMITED\Subst Shrhdr\4-Jan-07\UNITED OVERSEAS BANK LIMITED (UOB)\Sales in Open Market at Own Discretion\-52214000

SAPPHIRE CORPORATION LIMITED\Subst Shrhdr\4-Jan-07\NIPPON PAINT (H.K.) CO. LTD\Sales in open market by Yenom Holdings Pte Ltd\-84954074

SARIN TECHNOLOGIES LTD\Subst Shrhdr\4-Jan-07\Chartered Asset Management Pte Ltd\Open Market Purchase\2000000

SEMBCORP MARINE LTD\Subst Shrhdr\26-Dec-06\Temasek Holdings (Private) Limited\Sales in Open Market at Own Discretion\-1150000

SEMBCORP MARINE LTD\Subst Shrhdr\22-Dec-06\Temasek Holdings (Private) Limited\Open Market Purchase\348000

VENTURE CORPORATION LIMITED\Subst Shrhdr\27-Dec-06\Templeton Investment Counsel LLC (TICLLC)\Open Market Purchase\90000

YELLOW PAGES(SINGAPORE)LIMITED\Subst Shrhdr\3-Jan-07\Global Advisory Group Pte Ltd\Purchased of shares on 3 January 2007\386000

YELLOW PAGES(SINGAPORE)LIMITED\Subst Shrhdr\29-Dec-06\Global Advisory Group Pte Ltd\Purchased of shares on 29 December 2006.\326000


Mixed economic reports for the U.S. came in over the past week - good news on the inflation front, but there were soft economic reports. The PPI reading for November increased by 2.0% (a 1.6% drop in Oct).

The year-over-year change in the core PCE deflator dipped to 2.2%, showing that inflation has decreased.

The November durable goods orders jumped 1.9%, but excluding transportation the change was a weaker than expected -1.1%. The underlying trends in orders are also weak with the year-over-year increase in total orders now just 0.3%. This was in-line with the large drop in the Dec Philly Fed Index from 5.1 (Nov 06) to -4.3 (Dec 06) that reflected a declining manufacturing sector.

On the technical side of things, the low reading in Market Breath Oscillator suggests that the probability of a one-day (or more) bounce in the US Market is high.

The 2380-2400 support zone for the NASDAQ Composite Index is still holding up, but its movement over the past week showed uncertainty. The weekly chart of the QQQQ (the exchange traded fund that mirrors the NASDAQ Index) has broken below its 10 week average but is still holding up at the moment.

Have a good week!

SGX Insider & Substantial Shareholder Activity from 25 - 29 Dec 06

Here are some of the more significant transactions reported over the past week extracted from the attached file:
CAPITARETAIL CHINA TRUST 18-Dec-06 The Capital Group Companies Inc. Open market purchase and sales 2280000
CHINA ENERSAVE LTD 29-Dec-06 Energy Capital Partners Limited Open Market Purchase 7379000
CHINA ENERSAVE LTD 28-Dec-06 Energy Capital Partners Limited Open Market Purchase 3000000
CHINA ENERSAVE LTD 27-Dec-06 Energy Capital Partners Limited Open Market Purchase 4000000
CHINA ENERSAVE LTD 27-Dec-06 Energy Capital Partners Limited Open Market Purchase 2500000
CHINACAST COMM HLDGS LTD 26-Dec-06 Great Wall Acquisition Corporation (GWAC) Open Market Purchase 8464286
CHINACAST COMM HLDGS LTD 21-Dec-06 Venture International Investment Holdings Limited Open Market Sale -33037221
CHINACAST COMM HLDGS LTD 21-Dec-06 Turnaround Limited Open Market Sale -67326820
CHIP ENG SENG CORPORATION LTD 28-Dec-06 Kwek Lee Keow / Teo Yeonh Investment Pte Ltd Open Market Purchase 1000000
FIRST ENGINEERING LTD 20-Dec-06 UBS AG Open Market Sale -1975000
HONGGUO INTL HOLDINGS LIMITED 21-Dec-06 FMR Corp. Purchase of Shares 1225000
K1 VENTURES LIMITED 27-Dec-06 Temasek Holdings (Private) Limited (Temasek) Open Market Purchase 7300000
K1 VENTURES LIMITED 27-Dec-06 Kephinance Investment Pte Ltd Open Market Purchase 3059000
MACQUARIE MEAG PRIME REIT 26-Dec-06 Morgan Stanley Investment Management Company Open Market Purchase 9223000
NORELCO UMS HOLDINGS LIMITED 26-Dec-06 ARISAIG ASEAN FUND LIMITED Open Market Purchase 200000
YELLOW PAGES(SINGAPORE)LIMITED 28-Dec-06 Global Advisory Group Pte Ltd Open Market Purchase 2468000

Those who have been following the markets are probably aware that they've been making new highs over the past weeks. Just how long the bullishness will continue is anybodys guess. Eyes are still very much focused on the US Federal Open Market Committee's decision on the US Interest rates. But the topic among Fed members of late was the housing slump in the US and how it's going to affect the US economy.

The chart below is the US Consumer Sentiment and Margin Debt vs the change of the Nasdaq Composite. Although the Nasdaq has a much wider zone for historical reversals, both the Consumer Sentiment and Margin Debt are at historically high levels, which is the reason for my lack of bullishness.

The Purchasing Managers' Index climbed back above the 50% mark in Dec after falling to 49.5 in Nov, indicating that the US Manufacturing sector expanded in Dec.... good news for the bulls.

Since I'm currently in Singapore, I took some time to attempt some quantitative work on the S'pore market. There's a serious lack of (free) data on the S'pore market and I'd think only Bloomberg would have them. The only free data I could obtain were from the SGX. The chart below shows the (smoothed) monthly change in Open Interest of the MSCI Singapore futures contract plotted together with the Stratis Times Index. The only obvious thing about the chart is that peak in open interest coincided with two intermediate peaks on the STI and the O.I. peaked a month later on two other occassions.

The other thing that I'm trying to put together is to observe how changes in Forecasted Earnings and Target Price affects stock prices of individual companies...

Have a good week!