Capitaland has been going through the down trend for over 12 months. From the look of it, it is still not out of the woods yet. Based on current Real Estate environment, it is likely that the counter is going to turn bullish anytime soon.

This counter has been in my radar for a long time. I had made some money buying and selling this counter. However, to enter into this counter at this time is not the best thing to do. However, it is worth while watching this counter.

Market Analysis: 2011 Rally(?)

Earlier this year, there has been much talks about 2011 year end rally. I believe there are some investors who bought into this idea. From the last 2 weeks, the out look has changed a lot. It seems clear that some of the guru's  prediction of 2012 market collapse is becoming more realistic! Are we heading for a double dip market? Is the recession unavoidable?
From the technical analysis, here is an interesting article that I like to share:

http://www.etfguide.com/research/705/8/The-Chart-That-Trumps-Analysts-Call-for-a-Year-End-Rally/

This is a very classic, standard technical analysis using support lines and patterns. If technical analysis is reliable, we should see the market moving towards the 2009 lows or even more within the next few months.

As an investor, it is better to be cautious. Be alert to the market movements and make sure we have our cut-loss rules in place.

Trade Summary af of 2011-Sep-30

After doing some adjustments to the portfolio, I manage to recover some lost grounds against the Index. However, I am still waiting for the right time to enter the market and regain my advantage over the index. The target is to perform at least 10% above the index. Otherwise, it would be better to just buy ETF index.

Here is a summary of the performance:

Month Ended	Portfolio Value	Equity Value	Cash Value	DIV (Cum)	Vested	Chg	Portf Perf	STI Perf
31/12/2010	107,021	98,120	8,901		91.7%
31/01/2011	104,899	78,760	26,139		75.1%	-2.0%	-1.98%	-1.00%
28/02/2011	105,064	18,350	86,639	75.00	17.5%	0.2%	-1.83%	-6.26%
31/03/2011	105,074	67,770	37,229	75.00	64.5%	0.0%	-1.82%	-3.30%
30/04/2011	105,680	24,650	80,955	75.00	23.3%	0.6%	-1.25%	-1.03%
31/05/2011	105,155	59,330	45,310	515.00	56.4%	-0.5%	-1.74%	-1.65%
30/06/2011	104,714	73,430	30,644	640.00	70.1%	-0.4%	-2.16%	-2.58%
31/07/2011	102,452	83,260	18,552	640.00	81.3%	-2.2%	-4.27%	-0.72%
31/08/2011	91,117	40,640	48,230	2,247.50	44.6%	-11.1%	-14.86%	-10.18%
30/09/2011	88,928	49,840	36,840	2,247.50	56.0%	-2.4%	-16.91%	-15.97%

The poor performance in August and September was due to sudden drop in price of SIA and Ezra. This two counter experience drops of over 20% at one point. Other than that, the portfolio were quite able to coup with the index. For SIA, there was a dividend of 10% which was able to cushion off some of the effects.

Badly Bruised Stocks - 10% of 1000-Day High

Here is a list of stock trading at 10% or lower of their 1000 session highest high. HHV100 = Highest High based on 1000 trading sessions. HHVB = Highest high was x days before. Ratio = based on last close. % price of the HH. Just wonder any brave souls want to pick "value" stock from here.

Security Name	CLOSE	HHV1000	Vol_K	SMA200	HHVB	Ratio	Ticker Symbol
ADVANCE SCT LIMITED	0.017	1.190	0	0.016	997	1.43%	5FH
ADVANCED SYSTEMS AUTOMATION	0.002	0.060	15	0.003	975	3.33%	520
ADVENTUS HOLDINGS LIMITED	0.014	0.340	300	0.014	997	4.12%	5EF
ANNICA HOLDINGS LIMITED	0.015	0.295	15	0.017	998	5.08%	5AL
ASIAN MICRO HOLDINGS LTD	0.006	0.110	0	0.006	994	5.45%	585
AUSSINO GROUP LTD	0.039	0.400	0	0.048	942	9.75%	A15
CENTILLION ENV & RECYC LIMITED	0.002	0.070	1000	0.002	998	2.86%	C49
CHINA BEARING (SINGAPORE) LTD.	0.030	0.325	0	0.030	998	9.23%	AD7
CHINA ENERGY LIMITED	0.053	1.380	177	0.054	998	3.84%	A0G
CHINA ENERSAVE LTD	0.002	1.526	0	0.002	997	0.13%	5QT
CHINA ENVIRONMENTAL RES GP LTD	0.009	0.125	0	0.009	455	7.20%	M8J
CHINA HAIDA LTD.	0.019	0.275	0	0.020	987	6.91%	C92
CHINA HONGCHENG HOLDINGS LTD	0.038	0.470	0	0.034	997	8.09%	C0Z
CHINA HONGXING SPORTS LIMITED	0.115	1.310	0	0.115	997	8.78%	BR9
CHINA OILFIELD TEC SVCS GRPLTD	0.037	1.170	60	0.037	999	3.16%	DT2
CHINA SKY CHEM FIBRE CO., LTD.	0.098	2.410	0	0.088	997	4.07%	E90
CHINA SPORTS INTL LIMITED	0.053	0.896	405	0.050	974	5.92%	FQ8
CHINA SUN BIOCHEM TECH GP CO.	0.055	0.565	0	0.055	998	9.73%	C86
CHINA TITANIUM LTD.	0.005	0.264	201	0.004	998	1.89%	530
CHINA YONGSHENG LIMITED	0.007	0.160	0	0.007	999	4.38%	5KK
CHINESE GLOBAL INVESTORS GRP	0.013	0.220	0	0.015	961	5.91%	5CJ
DELONG HOLDINGS LIMITED	0.340	3.610	0	0.330	901	9.42%	B1N
DIGILAND INTERNATIONAL LTD	0.001	0.020	705	0.001	988	5.00%	G77
DRAGON GROUP INTL LIMITED	0.036	0.488	2	0.040	999	7.38%	MT1
DUTY FREE INTERNATIONALLIMITED	0.230	2.600	0	0.213	973	8.85%	5SO
EASTGATE TECHNOLOGY LTD	0.033	0.550	1254	0.031	994	6.00%	N0L
ELEKTROMOTIVE GROUP LIMITED	0.007	0.085	0	0.008	999	8.24%	5KX
FASTUBE LIMITED	0.030	0.375	0	0.030	965	8.00%	5IH
FEDERAL INT(2000) LTD	0.035	0.513	1	0.037	998	6.82%	F20
FIBRECHEM TECHNOLOGIES LIMITED	0.105	1.660	0	0.105	998	6.33%	F12
FRIVEN & CO. LTD.	0.028	0.340	0	0.029	999	8.24%	5RF
GEMS TV HOLDINGS LIMITED	0.010	0.570	0	0.009	999	1.75%	AM3
GUANGZHAO IND FOREST BIOGRPLTD	0.016	0.390	0	0.016	999	4.10%	G21
HANKORE ENVIRONMENT TEC GRPLTD	0.046	0.632	5706	0.045	950	7.28%	B22
INFINIO GROUP LIMITED	0.006	0.255	0	0.005	998	2.35%	5CS
JEL CORPORATION (HOLDINGS) LTD	0.010	0.240	0	0.007	830	4.17%	J16
JETS TECHNICS INTL HLDGS LTD	0.003	0.060	0	0.003	992	5.00%	J19
JIUTIAN CHEMICAL GROUP LIMITED	0.047	0.635	4751	0.034	999	7.40%	C8R
KLW HOLDINGS LTD	0.011	0.110	0	0.011	915	10.00%	504
KXD DIGITAL ENTERTAINMENT LTD	0.010	0.115	0	0.010	998	8.70%	K07
LANKOM ELECTRONICS LIMITED	0.010	0.240	0	0.007	872	4.17%	L22
LERENO BIO-CHEM LTD.	0.003	0.101	300	0.003	998	2.97%	587
LOTTVISION LIMITED	0.013	0.300	206	0.011	997	4.33%	M22
LUXKING GROUP HOLDINGS LIMITED	0.015	0.180	0	0.015	998	8.33%	L34
MACARTHURCOOK PROP SEC FUND	0.132	1.360	0	0.134	998	9.71%	A0P
MAGNUS ENERGY GROUP LTD.	0.010	0.120	340	0.012	997	8.33%	576
MDR LIMITED	0.003	0.075	0	0.003	995	4.00%	A27
MFS TECHNOLOGY LTD	0.052	0.570	442	0.063	999	9.12%	5BM
MOYA ASIA LIMITED	0.055	0.629	100	0.056	962	8.74%	5BT
NEXT-GEN SATELLITE COMM LTD	0.008	0.121	8233	0.011	999	6.61%	B07
OMEGA NAVIGATION ENT,INC.	0.350	28.500	0	0.360	994	1.23%	O57
OUHUA ENERGY HOLDINGS LIMITED	0.038	0.475	0	0.036	998	8.00%	AJ2
PT BERLIAN LAJU TANKER TBK	0.027	0.301	144	0.027	962	8.97%	B66
RAFFLES EDUCATION CORP LTD	0.435	5.040	1879	0.436	998	8.63%	NR7
SEROJA INVESTMENTS LIMITED	0.192	2.000	0	0.194	551	9.60%	IW5
SINO TECHFIBRE LIMITED	0.090	1.350	0	0.090	998	6.67%	AD8
STAR PHARMACEUTICAL LIMITED	0.023	0.320	699	0.028	999	7.19%	X64
SUN EAST GROUP LIMITED	0.003	0.240	0	0.003	990	1.25%	Y35
SUNRAY HOLDINGS LIMITED	0.007	0.135	0	0.009	998	5.19%	S38
SUNSHINE HOLDINGS LIMITED	0.049	0.535	1610	0.045	999	9.16%	Y34
SYNEAR FOOD HOLDINGS LIMITED	0.132	2.350	3314	0.134	999	5.62%	Z75
TELEDATA (SINGAPORE) LTD	0.007	0.075	450	0.008	452	9.33%	T28
THE STYLE MERCHANTS LIMITED	0.003	0.130	0	0.003	986	2.31%	N37
TRANSCU GROUP LIMITED	0.050	0.663	0	0.050	951	7.54%	E15
TT INTERNATIONAL LIMITED	0.020	0.215	0	0.024	999	9.30%	T09
ULTRO TECHNOLOGIES LIMITED	0.020	0.276	0	0.019	953	7.25%	U16
UNITED FIBER SYSTEM LIMITED	0.026	0.300	131	0.025	890	8.67%	P30
VALLIANZ HOLDINGS LIMITED	0.029	0.296	1958	0.029	998	9.80%	545
VASHION GROUP LTD.	0.005	0.060	220	0.005	977	8.33%	5BA
WE HOLDINGS LTD.	0.006	2.930	242	0.007	999	0.20%	5RJ
YOUCAN FOODS INTERNATIONAL LTD	0.022	0.340	0	0.028	973	6.47%	Y06

Many of these are suspended due to accounting frauds. Book cooking are the common problems among the S-Chips (China based companies listed in SGX). This has cause much concerns among investors. However, some speculator seemed to welcome these. Good chance for them to punt on the volatility.

Badly Bruised Stocks - part II

Today I want to talk about these 2 counters in SGX:

Counter Name	CLOSE	HIGH	VOL	SMA20	DAYS AGO	Ratio to Peak	Symbol
CHINA ENERGY LIMITED	0.056	0.97	2043	0.0629	899	6%	A0G
CHINA SKY CHEM FIBRE CO., LTD.	0.089	1.56	3236	0.1036	898	6%	E90

Both of these counters are currently trading at about 6% of the Peak in 2007 (about 900 trading sessions ago). Both of these counters are S-Chip - China Company Listed in SGX. Imagine someone holding these two counters bought at that price. The kind of pain the investor suffer is understandable. This is a glaring example of not cutting losses. The old wisdom of letting profit run and cutting the losses short is never to be forgotten by any investor or trader. This is one of the most important lessons an investor should learn first.

If you cannot stick to this rule, you are unlikely to make much money unless you are a very lucky person. But now, is it worth to invest in these counters now? Since they are so cheap? In stock market, cheap can go cheaper. They can go trough share stocks consolidation to make it more feasible to trade.

Badly Bruised Stocks

The following counters are badly bruised. They are trading at 30% or lower from their 200 day peak:

Security Name	CLOSE	HHV200	Ratio	HHVB	Ticker Symbol
ADVANCED SYSTEMS AUTOMATION	0.003	0.010	30.00%	139	520
CENTILLION ENV & RECYC LIMITED	0.001	0.010	10.00%	179	C49
CHINA ENERSAVE LTD	0.003	0.020	15.00%	160	5QT
CHINA ENVIRONMENTAL RES GP LTD	0.012	0.075	16.00%	195	M8J
CHINA HONGCHENG HOLDINGS LTD	0.027	0.110	24.55%	169	C0Z
CHINA TITANIUM LTD.	0.004	0.015	26.67%	153	530
COMBINE WILL INTL HLDGS LTD	0.920	3.500	26.29%	183	N0Z
DAPAI INTL HLDG CO. LTD.	0.065	0.240	27.08%	161	FP1
FRIVEN & CO. LTD.	0.030	0.165	18.18%	154	5RF
GEMS TV HOLDINGS LIMITED	0.009	0.040	22.50%	144	AM3
GLOBAL TECH (HLDGS) LIMITED	0.004	0.015	26.67%	171	G11
GOLDTRON LIMITED	0.002	0.010	20.00%	94	536
GUANGZHAO IND FOREST BIOGRPLTD	0.020	0.105	19.05%	199	G21
ITE ELECTRIC CO LTD	0.030	0.100	30.00%	163	581
JEL CORPORATION (HOLDINGS) LTD	0.007	0.040	17.50%	139	J16
JETS TECHNICS INTL HLDGS LTD	0.003	0.015	20.00%	67	J19
JOYAS INTERNATIONAL HLDGS LTD	0.012	0.042	28.57%	178	E9L
LANKOM ELECTRONICS LIMITED	0.005	0.035	14.29%	144	L22
LINDETEVES-JACOBERG LTD	0.012	0.045	26.67%	152	L15
LONGCHEER HOLDINGS LIMITED	0.117	0.760	15.39%	191	L28
LOTTVISION LIMITED	0.011	0.045	24.44%	166	M22
MATEX INTERNATIONAL LIMITED	0.039	0.145	26.90%	174	M15
NAM CHEONG LIMITED	0.135	0.750	18.00%	100	N4E
OMEGA NAVIGATION ENT,INC.	0.400	1.800	22.22%	156	O57
RENEWABLE ENERGY ASIA GRP LTD	0.063	0.260	24.23%	161	5DW
SUN EAST GROUP LIMITED	0.005	0.025	20.00%	194	Y35
TELEDATA (SINGAPORE) LTD	0.009	0.030	30.00%	147	T28
THE STYLE MERCHANTS LIMITED	0.002	0.055	3.64%	167	N37
WE HOLDINGS LTD.	0.009	0.065	13.85%	198	5RJ
YOUCAN FOODS INTERNATIONAL LTD	0.030	0.100	30.00%	173	Y06

If you are thinking of bottom fishing, these are probably counters you can start to check on. However, I had listed them without considering their fundamentals. I simply use a software to filter them out without giving much thought to them. Usually, a broken stock remains broken until some major players decided to play them up or some fundamental change to the situation. A broken stock can remain broken for 2 -3 years or even longer depending on the situation and the management.

Real Estate Investment Trust (REIT)

There is a good article about investing in REITs. There is the link:

http://www.propwise.sg/how-to-invest-in-singapore-reits/

What should you take note of when investing in REITs?
1. Composition of REIT assets - Retail Malls, Hotels, Industrial, Residential, Logistic etc.
2. Geographic diversification and currency risk- Political, Natural disasters etc.
3. Growth of Dividend Per Unit (DPU) - How well they manage 4. Spread over 10 year Government Bond yield - Risk vs Yield comparison
5. Gearing -Leverage - ability to face financial crisis

This is one way to invest for income. Depending on your risk adversity, you can make your choices.

Trade Summary August 2011

August has been roller coaster for me. Things just did quite get into rhythm for me. I found myself not inline with the market. One of the biggest reason is that I was not exactly with the market. I was involved in a project that does not allow me to access the the market information for more than 3 weeks starting from the last week of July. This is the problem. These days, I am quite hesitate to take on new projects. Year 2009 was an example.

 

It has been quite frustrating for me. My counters broke the cut loss point and I didn't get to sell them. One of the problem is also the expectations. With too many analyst promoting the idea of QE3 or its equivalent, one would expect the market to remain stable. However, I believe it was these analyst's companies that are selling away their stocks. This is conspiracy theory but it is widely held true these days. The cycle is simple: the analyst promote buying. Their companies quietly liquidate their positions to retail investors. When they want to buy, the will call for selling so the the prices are depressed.

Moving forward, with the job data from US below expectation, the market is going to continue its volatility with inclination to the down side. Is this a good time to buy in? I don't know. Maybe the situation is not that bad and it will bounce back quickly. Or are we waiting for a real sovereign default to erupt and cause the whole market to panic before we see a real rally? I think we will know soon.

The Wild Swing to Continue in the Stock Market Worldwide

With USA market leading, the wild swings in the prices and indices is expected to continue for a while. With this back drop, I am expecting at least one sovereign default to take place before extreme measures will be implemented to stabilize the market. And my guess is Greece will be the bogey boy since its impact to other nations is among the smallest of all. Spain, Italy are too large. France is even larger. USA default means world economy collapse. Essentially, USA is "Safe".

It seems that we may not avoid the double dip after all. But the dip will be short lived. There will be immerse effort to blow up the bubble. Another much bigger bubble will be sharped in place to cover the current bubble. This seems to be the direction of how the world economy is moving towards to. As individual, we can't go against it. We can only trade along it. Even a country like USA or China can't fight this trend. The whole world is addicted to credit and spending future money. The addiction is too deep to ditch. Nobody is able to take the pain of curing.

Importance of Staying Engaged in the Market

Whether you are an investor or a trader in the stock market, the most important thing you must do is to stay engaged in the market through thick and thin. Let me elaborate. What I meant to say is that you must keep monitoring the market regardless of bull or bear markets, regardless of whether you are invested or sidelined.

One of the biggest lesson I learned in 2009 was how I missed the market bull run by staying away for too long. I quit the market in 2007 and avoided the major crash. I was engaged in a few major projects where I work full time on them. I was not monitoring closely the market during the period. I came back in mid 2010. I missed the major run. What a shame! Investing and trading is actually a long term engagement. Even if you are staying at the sideline, you must at least check on the market on the weekly basis. That will give you an idea of where the market is going and provide you with some minimum alertness when opportunity comes.

I had decided not to miss any such opportunities. I am watching the market on constant basis. I believe the reward will come when the time comes. Patience is part of the game.

Trade or Invest with clear understanding of your own situtaion

Here is the head line from By MarketWatch, Aug. 25, 2011, 1:05 p.m. EDT
Buffett’s BofA investment is the new TARP
Commentary: Private-sector bailouts are better way of injecting capital

Read Full News:
http://www.marketwatch.com/story/buffetts-bofa-investment-is-the-new-tarp-2011-08-25?link=MW_story_investinginsight

I am particularly interested in what the writer said at one point:

The question for investors who don’t get the nearly guaranteed 6% dividend is whether it’s worth following Uncle Warren in. Retail investors who followed Buffett into Goldman and GE aren’t in the money, with the Connecticut industrial giant again the far-worse investment.

That is precisely what we should as ourselves when we make a decision to invest or trade. We are at different position and we are not able to have to cushion that Warren has. Whatever theory he has, we cannot have it. So, eventually, we need a different strategy.

For investors who blindly follow, they will not be getting anything. For the abovementioned case, they may not suffer great losses but, they could have gain a lot more else where.

Investing and trading in stock market involves hard work. There is no easy way out. Listening to others may work but you may ended frustrated when a things don't turn out well. You can only do that if you are prepared to lose all your money. That means the invested money is something excess for you. You will never need those money no matter what happens.

Market Trend Analysis - Double Dip A Reality?

In 2008, the housing bubble in US triggered a worldwide financial melt down. The toxic financial derivatives has cause financial institutions all over the world to lose trillions of dollars in total. Many companies went bust and some large companies went into trouble.

In 2011, what is facing us is the sovereign default. With toxic "Assets" (if they are really assets) being taken into US Fed, the US banks are now operating as normal. However, that has not generated much changes to the fundamentals. US and Europe still operates under the same mechanism. Borrow money, spend to generate demand and growth. There is no change in fundamental of operations. There is no intention to change. Again this would certainly generate another bubble. The borrow and spend first and then pay later (if there is some spare cash) strategy is going to go on. Of course everybody is hoping this would go on forever. Even if it does not, it would be the next generation's problem.

Looking at the situation in Eurozone, I am tempted to think that we must wait for at least one country to default in order to see some fundamental shift in the methods of tackling the problem. It would really take some major events to make people realise that spending future money is not sustainable in the long term. The UK is smart not to join the Eurozone. Now the Germans must be regretting. Imagine trying to convince a hard working, thrifty person to lend money to a lazy person who refuse to work but wanted to live a more luxurious life! You must be treating the hardworking person like an idiot in order to come up with that idea.

Bailing out cannot go on forever. It is not sustainable. The Greeks must have a concrete plan to bring themselves out of the debt loop. This is like drug addiction. Only drastic, fundamental changes to the economic structure can bring them away from such addiction. And for that to happen, some pain has to be inflicted or else they would never wake up. So, the default is given. It is a matter of time. And it should be soon.

Trade Summary July 2011

July is a really bad month. It was hit by 2 unexpected events. One is the Ezra sudden fall by over 20% over 3 days because of poor results and another by SIA falling by 3.7% overnight. The combination of 2 counters accounted for 3.5% loss in the overall portfolio. The counter trend trade on NOL also did not work out. That accounted for another 0.5% loss in the overall portfolio. SMRT drop due to poor outlook also provided another 0.2% negative impact.

The month started rather positively with overall gain of about 2.5% and ended with an overall lost of 1.5%. Total draw down within the month is almost 4%. In a month that looks very promising at the beginning and ended with disappointing results.

Month Ended	Portfolio Value	Equity Value	Cash Value	DIV (Cum)	Vested	Chg	Portf Perf	STI Perf
31/12/2010	107,021.21	98,120.00	8,901.21		91.7%
31/01/2011	104,898.73	78,760.00	26,138.73		75.1%	-2.0%	-1.98%	-1.00%
28/02/2011	105,063.58	18,350.00	86,638.58	75.00	17.5%	0.2%	-1.83%	-6.26%
31/03/2011	105,074.09	67,770.00	37,229.09	75.00	64.5%	0.0%	-1.82%	-3.30%
30/04/2011	105,679.51	24,650.00	80,954.51	75.00	23.3%	0.6%	-1.25%	-1.03%
31/05/2011	105,154.94	59,330.00	45,309.94	515.00	56.4%	-0.5%	-1.74%	-1.65%
30/06/2011	104,713.75	73,430.00	30,643.75	640.00	70.1%	-0.4%	-2.16%	-2.58%
31/07/2011	102,789.02	83,260.00	18,551.52	977.50	81.0%	-1.8%	-3.95%	-0.72%

The market is always unpredictable. We need to live with it. July was a month with many negative financial news. Firstly, the Greek sovereign default and now the US debt ceiling. Even though the US debt ceiling is essentially non-event, the lack of economic growth is casting an extremely dark shadow on the investors worldwide. With the US unemployment potentially climbing up again, investors are looking else where to put their money. Gold is making new highs. Oil is not going too much higher partly because the US are selling part of their reserves.

Moving forward, it is more prudent not to take any counter trend trades. Even though the potential for achieving larger gains, the risk is much higher. The chance of success is below 50% and it is not worth taking such risks.

Trade Summary June 2011

After some miserable months, June starts to look a little better. But again, some silly mistakes were made when trying to optimize the portfolio. At times, over balancing is in fact counter productive. More patience is need for events to unfold and things to play out. Too much fear gets in the way for higher profits. The portfolio performance is slightly above the STI performance.

Month Ended	Portfolio Value	Equity Value	Cash Value	DIV (Cum)	Vested	Chg	Portf Perf	STI Perf
31/12/2010	107,021.21	98,120.00	8,901.21		91.7%
31/01/2011	104,898.73	78,760.00	26,138.73		75.1%	-2.0%	-1.98%	-1.00%
28/02/2011	105,063.58	18,350.00	86,638.58	75.00	17.5%	0.2%	-1.83%	-6.26%
31/03/2011	105,074.09	67,770.00	37,229.09	75.00	64.5%	0.0%	-1.82%	-3.30%
30/04/2011	105,679.51	24,650.00	80,954.51	75.00	23.3%	0.6%	-1.25%	-1.03%
31/05/2011	105,154.94	59,330.00	45,309.94	515.00	56.4%	-0.5%	-1.74%	-1.65%
30/06/2011	104,713.75	73,430.00	30,643.75	640.00	70.1%	-0.4%	-2.16%	-2.58%

The portfolio is more stable now.

With the new balancing of the portfolio, hopefully, the following month will see extra boost to the performance.

The trades taken was less than impressive. For the case of Ezra, it was too quick to cut loss. And for Noble, the trade should not have been taken at all.

Trades Since 01-01-2011	Qty.	Buy	Sell	Gain/Loss	Fees	NetProfit	DIV	Tot Profit	% ROI	Bought	Sold
Noble	5000	2.1000	1.970	-650.00	71.31	-721.31	125	-596.31	-5.68%	09/05/2011	13/06/2011
Ezra	10000	1.4200	1.380	-400.00	98.12	-498.12	0	-498.12	-3.51%	14/06/2011	18/06/2011

However, all is not lost. At least, I am not left with a more stable portfolio. With SinoGrandness and Ezra moving very positively, the portfolio is currently about 4% in the money excluding pending dividend (provided I hold on to the counters). Since both SIA and SMRT are relatively stable counter, I would not likely to sell them easily. The price fluctuation of these 2 counters are considered very low.

Stock Name Cash Holdings	Total Qty	Wgt Ave Price $	Last Done Price $	Unrealised P/L	Reason for Entry
Ezra	10,000	1.550	1.595	450.00	Bounce from support
NOL	10,000	1.490	1.485	-50.00	Support / Pullback
SIA	1,000	14.180	14.340	160.00	Trend / Pull back / Oil price
SinoGrandness	40,000	0.468	0.525	2,300.00	Support / Pullback
SMRT	5,000	1.890	1.950	300.00	Support Line / price hike

Trade Summary May 2011 SGX

Still struggling with the trades. Basically, sometimes, I just lose patience and make moves that only regret later. Essentially, I am still having trouble sticking to a system or should I say, still trying to figure out what is the most suitable system that I can adopt.

Trades Since 01-01-2011	Qty.	Buy	Sell	Gain/Loss	Fees	NetProfit	DIV	Tot Profit	% ROI	Bought	Sold
ComfortDelgro	5000	1.5400	1.480	-300.00	61.17	-361.17	140	-221.17	-2.87%	09/03/2011	19/05/2011
ComfortDelgro	5000	1.4700	1.480	50.00	61.00	-11.00	140	129.00	1.76%	09/05/2011	19/05/2011
CapitaLand	3000	3.1500	3.170	60.00	66.44	-6.44	180	173.56	1.84%	15/03/2011	19/05/2011
CapitaLand	2000	3.1000	3.170	140.00	59.87	80.13	120	200.13	3.23%	17/03/2011	19/05/2011
Wilmar	3000	5.1267	5.410	850.00	110.77	739.23	0	739.23	4.81%	05/05/2011	24/05/2011

The total REALIZED profit is S$1,020.75.
Well, I can say that, at least to console myself, it is a profitable month even though it is rather pathetic.

How did I do comparing to STI performance (excluding my Dividends)

Month Ended	Total Value	Equity Value	Cash Value	Vested	Chg	Port Perf	STI val	STI Perf
31/12/2010	107,021.21	98,120.00	8,901.21	91.7%			3212
31/01/2011	104,898.73	78,760.00	26,138.73	75.1%	-2.0%	-2.0%	3180	-1.0%
28/02/2011	104,988.58	18,350.00	86,638.58	17.5%	0.1%	-1.9%	3011	-6.3%
31/03/2011	104,999.09	67,770.00	37,229.09	64.5%	0.0%	-1.9%	3106	-3.3%
30/04/2011	105,604.51	24,650.00	80,954.51	23.3%	0.6%	-1.3%	3179	-1.0%
31/05/2011	104,639.94	59,330.00	45,309.94	56.7%	-0.9%	-2.2%	3159	-1.7%

Through out this year, my portfolio performed below par compared to STI. STI is down about 1.7% whereas my portfolio was down more than 2.2%. I am about 0.5% below par.

Looking back, since March this year, I had switched from S-Chip and Penny to STI counters. Buy trading STI counters, it is more difficult to beat the STI itself. However, this is a much lower risk method of trading. Trading in S-Chips and Penny will result is much better performance but carries a significantly higher risk.

One of my mistake was to stay in cash for too long in March and April while observing the market direction.

Right now, I notice many stock in SGX are showing down trend. I am not sure if this is going to persist for long. If this is just a short correction, I would move back into the market again. However, there is also a chance that this is a prelude to a more major problem to come. In stock market, anything can happen. One can only guess.

SGX Market Review April 2011

April 2011 was a bull run for SGX with index continuously moving upwards almost without any pause for more than 2 weeks. The move started in mid March and ended in Mid April gaining almost 10% within a month. This is the strongest since year 2011. It nearly recoup all the losses for the year. Last week's trading was almost all negative. Will this be a signal of the end of bull or a small pause to re-adjust itself?
Market seem to be announcing good news continuously. Will there by bad news after that? Will the impact of Japanese Tsunami be felt worldwide in the tech sector come June and July? I have no solid figures to look into these. I can only be guessing. To play safe, should I be staying at the sideline until July 2011?

Trade Summary April 2011

Here is a summary of my portfolio performance against the ST Index. Over the last 3 months, the STI has grown about 5% but my portfolio has only gone up by 0.7%. This is significantly lower.
The reason for the poor performance was due to the selling done in March 2011. This was done after observing the selling rules of seeing 3 black consecutive candles. Unfortunately, after selling the stocks move aggressively up. Resulting is difference of about about $3,965 of lost opportunities. Which translates into about 3.8%. Looking at this year's performance alone, I am lagging by about 0.3%. Due to the wrong moves in March and April. See table below for details.

Month Ended	Total Value	Equity Value	Cash Value	Vested	Chg	Port Perf	STI val	STI Perf
31/12/2010	107,021.21	98,120.00	8,901.21	91.7%	12.6%	21.3%	3212	16.8%
31/01/2011	104,898.73	78,760.00	26,138.73	75.1%	-2.0%	18.9%	3180	15.6%
28/02/2011	104,988.58	18,350.00	86,638.58	17.5%	0.1%	19.0%	3011	9.5%
31/03/2011	104,999.09	67,770.00	37,229.09	64.5%	0.0%	19.0%	3106	12.9%
30/04/2011	105,604.51	24,650.00	80,954.51	23.3%	0.6%	19.7%	3179	15.6%

Looking at the cause behind the lag in performance, I will have to review my selling strategy. I need to consider some additional factors before deciding to sell.

Trades Since 01-01-2011	Qty.	Buy	Sell	Gain/Loss	Fees	NetProfit	Tot Profit	% ROI	Bought	Sold
Wilmar	4000	5.2500	5.360	440.00	148.72	291.28	291.28	1.39%	18/03/2011	06/04/2011
StraitsAsia	5000	2.4400	2.590	750.00	88.13	661.87	661.87	5.43%	17/03/2011	15/04/2011
HL Asia	5000	2.8400	2.820	-100.00	99.17	-199.17	-199.17	-1.40%	01/04/2011	15/04/2011
SinoGrandness	20000	0.4700	0.555	1,700.00	71.84	1,628.16	1,628.16	17.32%	07/03/2011	18/04/2011
Rotary	5000	0.9600	0.990	150.00	58.46	91.54	91.54	1.91%	01/04/2011	18/04/2011
Rotary	5000	0.9600	0.985	125.00	58.44	66.56	66.56	1.39%	01/04/2011	18/04/2011

Net Realized profit for April 2011: $2,540.24. Very bad compared to the losses in March 2011.

Well, it is quite demoralizing to see your stock shoot up immediately after you sell. This is frustrating but, I think given the market condition, I can't really fault my decision. We can't see the future. We can only base our decision on what we see in the present and past. It is certainly very inaccurate to use past information to make decision on the future. Unfortunately, this is how it can be done. No way out. Now that I am only 76% vested, I can't really expect good performance unless the market is going to drop by a few %? That was I was expecting actually.
So, I need to seriously improve my trend reading skill even more.

STI Market Direction April 02, 2011

Here I am back again after struggling for about 10 days to rebuild my computer after its graphic card gave way. I was trying to restore from Dell Datasafe backup utility and it screwed up because it did not cater for video card crash situation. I ended losing my data.
OK. Let's get back to the main topic.
Last 2 weeks, the market showed strength and seemed to have forgotten about the Japanese nuclear crisis. It seems that the market has discounted all the bad news and bounced back aggressively. Now the STI is just sitting below the resistance line which also coincides with the down trend line's top.
So, next week will be deciding factor to see if it will continue to move up. 2 weeks ago, we were waiting for to see if the market will continue its down trend. It ended up bouncing back strongly forming a double bottom. But the market did not break the neck line of the double bottom. It closed just short of that. This gives us a hanging situation. Anything can happen over the weekend.

From the look of it, the market favors bull. So far, the sentiment seems positive and volume has increased. US released more positive data last week. All these macro economic factors pointing to more bulls.

Trade Summary for month ended March 31, 2011

This is a bad month. There has been panic selling due to Japan Nuclear Crisis.

Trades Since 01-03-2011	Qty.	Buy	Sell	Gain/Loss	Fees	NetProfit	Tot Profit	% ROI	Bought	Sold
Capitaland	5000	3.3200	3.350	150.00	116.87	33.13	33.13	0.20%	02/03/2011	07/03/2011
Noble	5000	2.2000	2.060	-700.00	74.64	-774.64	-774.64	-7.04%	02/03/2011	10/03/2011
Gallant	30000	0.3850	0.360	-750.00	78.32	-828.32	-828.32	-7.17%	02/03/2011	11/03/2011
MIDAS	10000	0.7650	0.675	-900.00	60.82	-960.82	-960.82	-12.56%	04/03/2011	16/03/2011
LeaderEnv	40000	0.2450	0.235	-400.00	67.28	-467.28	-467.28	-4.77%	09/03/2011	28/03/2011

Incurred a net loss of S$-5071.56.
However, there are some unrealized profits in there. So, the actual loss is not that severe. But then, we will only count the profit after they are realized. In fact, I made picked up some counters during the down period (as can be seen in the portfolio standing), taking this opportunity to switch from S-Chips to blue chips.

The main reason for such poor performance was panic selling. This is something to be avoided at all cost next time. In fact, there should be bargain hunting during major sell offs.

So, how did the portfolio stand against STI index as benchmark?

Overall, the STI index advanced over 3.5% but my portfolio remained at the same level. No advances nor retreat.
In that sense, my portfolio lags the index by 3.5% on March 2011 alone.
This is one of the problem with too active trading.

Panic selling is actually not wrong with panic selling. At least it protects yourself from the carnage of massive sell down. When there is major crash, the first part is selling. Followed by buying. I think I need to do better in the second part. That is buying after major sell off. The table below shows the actual numbers of the performance.

Month Ended	Total Value	Equity Value	Cash Value	Vested	Chg	Port Perf	STI val
28/02/2010	88,241.76	29,100.00	59,141.76	33.0%			2750
31/03/2010	81,884.82	37,210.00	44,674.82	45.4%	-7.2%	-7.2%	2887
30/04/2010	89,801.52	30,650.00	59,151.52	34.1%	9.7%	1.8%	2975
31/05/2010	81,884.82	37,210.00	44,674.82	45.4%	-8.8%	-7.2%	2753
30/06/2010	84,523.72	24,650.00	59,873.72	29.2%	3.2%	-4.2%	2836
31/07/2010	86,770.52	70,610.00	16,160.52	81.4%	2.7%	-1.7%	2988
31/08/2010	84,503.39	55,450.00	29,053.39	65.6%	-2.6%	-4.2%	2753
30/09/2010	89,778.20	47,150.00	42,628.20	52.5%	6.2%	1.7%	3098
31/10/2010	94,407.07	69,550.00	24,857.07	73.7%	5.2%	7.0%	3143
30/11/2010	95,045.95	60,200.00	34,845.95	63.3%	0.7%	7.7%	3145
31/12/2010	107,021.21	98,120.00	8,901.21	91.7%	12.6%	21.3%	3212
31/01/2011	104,898.73	78,760.00	26,138.73	75.1%	-2.0%	18.9%	3180
28/02/2011	104,988.58	18,350.00	86,638.58	17.5%	0.1%	19.0%	3011
31/03/2011	104,999.09	67,770.00	37,229.09	64.5%	0.0%	19.0%	3106

There has been some buying up during March as well. The current position including those bought today are as follows:

Stock Name Cash Holdings	Total Qty	Wgt Ave Price $	Last Done Price $	Unrealised P/L	Reason for Entry
Capitaland	5,000	3.130	3.300	850.00	Buy on panic sale
ComfortDelgro	5,000	1.540	1.570	150.00	MACD Cross Over
HL Asia	5,000	2.840	2.830	-50.00	Breakout double bottom
Rotary Engg	10,000	0.960	0.965	50.00	Breakout double bottom
SinoGrandness	20,000	0.470	0.550	1,600.00	Stochastic Over Sold
StraitsAsiaRes	5,000	2.440	2.550	550.00	Major Trend/Correction
Wilmar	2,000	5.040	5.470	860.00	Value/Panic Sale

March 2011 is trading month characterized by the Japan Earth Quake, Tsunami & Nuclear Crisis and the political unrest in North Africa and Middle East. Given such a negative backdrop, the stock market hardly fell. Not to mention crash. This somehow indicates the bullish sentiment. As such, I tried to take opportunity to buy into some counters that has dipped.

Moving forward, there is also a conscious effort from my part to focus more on blue chips and large cap stocks from Singapore and avoid China based S-Chips. Only selected S-Chips will be traded and for short term basis. There has been too many accounting scandals involving these companies.

I hope I will do better this month.

STI - Market had a good run up today

Today, the market had a good steady run taking up the first level resistance easily and closed above it comfortably. However, the volume seemed to be muted. Not very strong buying interest seen. The next few trading sessions will give us clearer picture of how the market will eventually move. Let's see if this is indeed the turning point for the market or just a pause.

High Probability of Market Down Trend 2011 Mar

I'd decided to take a closer look at the STI to see if there is anything that is useful from there.
Over the last 12 months, there has been 2 occasions where the STI is trying to move below the 200SMA. The first occurrence was in June 2010. This was quickly taken back with a strong rally of about 750 points until Nov 2010. The second occurrence was in Feb 2011. The recovery was not successful and resulted in recent sell down in Mar 2011 assisted by the natural disaster in Japan.

On the shorter term, since year 2011, the market has been embarking on a correction path.

Using Elliott Wave (I am not an expert on EW), we can say that it is Wave ABC, the correction path. That means, the next move will be reset to wave count 1 (EW1), which means resuming the upward climb. In that case, the magnitude of the climb could be around the size of previous pattern or around 750 (2650-3300) - a major move as seen from Jun 2010 to Nov 2010.
However, basing on the chart pattern, there is also a possibility of further down trend since the 3-month trend is down. Using trend line method, there are 3 important points to take note. One, the chart is making lower low and lower high in last 3 months. Two, it failed to break out from the resistance Level 2 during the last counter trend rally. Typically, a failed move will result in bigger move in the opposite direction. Three, it has recently broken the support Level 1 (now become resistance Level 1) with the help of Japanese Nuclear crisis and Tsunami. Of course, one can argue that event 3 cannot be counted since it is extraordinary event. The sell down is due to knee-jerk reaction. Market will quickly recover from there. If this is true, then, we will wait for next week to see if the market really recover and overcome resistance Level 1 easily and convincingly. If that happens, I think we can be convinced that this is Wave C and we will be having Wave Count 1 coming up.

In essence, next week will be a critical week to observe the direction. This will give us a clearer picture whether the recent sell down was due to knee-jerk reaction or the Japanese disaster was just and "excuse". If the latter is true, it means that the sell down will happen regardless of the Japanese disaster. To verify that, we need to see if the STI can clear the Level 1 resistance easily.

Key fundamental factors in STI:
1. IPO of GLP & HPH Trust - mopped up large portion of liquidity (-)
2. Economic still growing strong (+)
3. Valuation become less attractive to foreign funds - funds pull out (-)
4. Inflation fears (-)
5. China internal consumption increase (+)

There are positive as well as negative factors.

Looking back at the 2008 market crash, we may learn something from there.
Based on the 2007 pattern, the first warning sign happens between mid July to mid August 2007 where the market drop over 20% within one month. This was followed by very strong recovery over the next 3-4 months. Then, there is second major drop which saw similar pattern of over 20% decline within a month. Again, there is strong recovery which is short live this time. It lasted less than a month and it gave way again. Then next bounce we can call it dead cat bounce that lasted for just over a week. Then the down trend is confirm and there is no doubt about it anymore. To say that the 2008 crash came suddenly is not exactly accurate. It did give some signals along the way. We can only say that we did not notice those signals until after the fact. Given such a back drop, we may want to approach the next few weeks trading with more care and closer attention.

Stock Trading at 25-50% of its 2007 peak

Here is a list of stocks that are trading at between 25% to 50% of their 2007 peak prices (see below). I had not really gone through each of them. Some of them could had been suspended or de-listed (by right these should not exist). It will take some time to evaluate their worth.

Security Name	HHV	LLV	CLOSE	Ratio%	Ticker Symbol
A-SONIC AEROSPACE LIMITED	0.221	0.019	0.065	30.52	A53
ABTERRA LTD	3.750	0.375	1.240	35.43	L5I
ACE ACHIEVE INFOCOM LIMITED	0.240	0.015	0.060	26.67	A75
ADDVALUE TECHNOLOGIES LTD	0.175	0.030	0.040	25.81	A31
ADV INTEGRATED MFG CORP LTD	0.435	0.035	0.115	28.40	A54
ADVANCED HOLDINGS LTD.	0.645	0.090	0.215	35.25	5IA
ALLGREEN PROPERTIES LTD	2.280	0.250	1.060	49.77	A16
ALLIED TECHNOLOGIES LIMITED	0.147	0.018	0.065	48.87	A13
AMARA HOLDINGS LTD	0.890	0.145	0.420	48.84	A34
AP OIL INTERNATIONAL LIMITED	0.420	0.070	0.160	40.00	5AU
ASIA POWER CORP LTD	0.415	0.110	0.145	37.66	A03
ASIAMEDIC LIMITED	0.150	0.030	0.045	33.33	505
ASIASONS WFG FINANCIAL LTD.	0.390	0.095	0.140	38.36	5EC
ASIATIC GROUP (HOLDINGS) LTD	0.250	0.035	0.075	34.09	5CR
ASIATRAVEL.COM HOLDINGS LTD	0.900	0.200	0.365	43.71	5AM
ASJ HOLDINGS LTD	0.220	0.016	0.045	25.14	538
ASL MARINE HOLDINGS LTD	1.362	0.250	0.595	45.80	A04
ASTI HOLDINGS LIMITED	0.320	0.045	0.090	29.51	575
AURIC PACIFIC GROUP LIMITED	1.660	0.440	0.635	39.20	A23
AVJENNINGS LIMITED	1.366	0.200	0.505	37.52	A05
AZEUS SYSTEMS HOLDINGS LTD.	0.210	0.040	0.075	37.50	A69
AZTECH GROUP LTD.	0.642	0.069	0.175	28.00	560
BAN LEONG TECHNOLOGIES LIMITED	0.345	0.100	0.130	41.27	B26
BANYAN TREE HOLDINGS LIMITED	2.900	0.265	0.795	27.89	B58
BBR HOLDINGS (S) LTD	0.950	0.150	0.240	26.67	KJ5
BERGER INTERNATIONAL LIMITED	0.315	0.040	0.120	47.06	B64
BEST WORLD INTERNATIONAL LTD	1.112	0.144	0.255	25.58	5ER
BEYONICSTECHNOLOGY LIMITED	0.615	0.085	0.170	28.81	B19
BH GLOBAL MARINE LIMITED	0.630	0.140	0.250	43.10	B32
BRC ASIA LIMITED	0.310	0.075	0.135	45.76	B03
BROTHERS (HOLDINGS) LIMITED	0.410	0.050	0.160	41.56	G03
BUKIT SEMBAWANG ESTATES LTD	13.246	2.230	4.130	31.64	B61
CAMBRIDGE INDUSTRIAL TRUST	0.985	0.175	0.475	48.97	J91U
CAPITALAND LIMITED	7.132	1.700	3.140	44.79	C31
CAPITAMALL TRUST	3.526	0.935	1.710	49.41	C38U
CAPITARETAIL CHINA TRUST	3.340	0.405	1.220	38.61	AU8U
CDW HOLDING LIMITED	0.205	0.030	0.070	37.84	D38
CH OFFSHORE LTD	1.060	0.220	0.430	44.47	C13
CHEMICAL INDUSTRIES (F.E.) LTD	1.382	0.350	0.420	31.72	C05
CHEMOIL ENERGY LIMITED	0.965	0.100	0.315	34.24	AV5
CHINA AVIATION OIL(S) CORP LTD	3.190	0.480	1.250	42.00	G92
CHINA FARM EQUIPMENT LIMITED	0.880	0.055	0.250	29.24	A8J
CHINA FASHION HOLDINGS LIMITED	0.210	0.020	0.070	33.33	5FK
CHINA HEALTHCARE LIMITED	0.412	0.100	0.165	45.33	592
CHINA INTERNATIONAL HLDGS LTD	0.145	0.030	0.060	46.15	C37
CHINA PAPER HOLDINGS LIMITED	0.345	0.090	0.120	37.50	C71
CHIP ENG SENG CORPORATION LTD	1.078	0.125	0.450	45.05	C29
CHUAN HUP HOLDINGS LIMITED	0.460	0.135	0.215	48.31	C33
CITY DEVELOPMENTS LTD NCCPS	2.700	0.835	1.150	42.59	C70
CITYSPRING INFRASTRUCT TRUST	1.219	0.381	0.525	43.35	A7RU
CNA GROUP LTD.	0.670	0.095	0.180	28.35	5GC
COUGAR LOGISTICS CORPN LTD	0.609	0.110	0.260	44.75	F86
COURAGE MARINE GROUP LIMITED	0.525	0.105	0.175	35.35	E91
CREATIVE MASTER BERMUDA LTD	0.295	0.030	0.120	46.15	C35
CREATIVE TECHNOLOGY LTD	9.950	2.380	3.430	35.18	C76
CSC HOLDINGS LTD	0.484	0.065	0.130	29.21	C06
ECOWISE HOLDINGS LIMITED	0.325	0.038	0.085	28.81	5CT
EZRA HOLDINGS LIMITED	3.606	0.307	1.680	49.66	5DN
F J BENJAMIN HOLDINGS LTD	0.786	0.100	0.350	45.99	F10
FABCHEM CHINA LIMITED	0.575	0.100	0.220	39.64	I54
FALCON ENERGY GROUP LIMITED	0.982	0.203	0.315	33.76	5FL
FDS NETWORKS GROUP LTD	0.150	0.010	0.040	27.97	F07
FISCHER TECH LTD	0.385	0.035	0.110	29.33	F22
FOOD EMPIRE HOLDINGS LIMITED	0.992	0.200	0.480	49.66	F03
FOOD JUNCTION HOLDINGS LIMITED	0.685	0.115	0.205	30.15	529
FREIGHT LINKS EXPRESS HOLDINGS	0.165	0.030	0.060	38.71	F01
FRIVEN & CO. LTD.	0.440	0.080	0.120	30.00	5RF
FU YU CORPORATION LTD	0.395	0.040	0.095	25.68	F13
FUJI OFFSET PLATES MFG LTD	0.830	0.160	0.270	33.54	508
G. K. GOH HOLDINGS LIMITED	1.550	0.405	0.635	42.62	G41
GALLANT VENTURE LTD.	1.450	0.060	0.365	26.64	5IG
GIKEN SAKATA (S) LIMITED	0.170	0.020	0.050	30.30	542
GLOBAL TECH (HLDGS) LIMITED	0.050	0.005	0.010	28.57	G11
GRAND BANKS YACHTS LIMITED	1.090	0.260	0.360	34.62	G50
GUL TECHNOLOGIES SINGAPORE LTD	0.185	0.020	0.085	50.00	G09
GUOCOLAND LIMITED	5.564	0.860	2.350	42.95	F17
GUOCOLEISURE LIMITED	1.800	0.215	0.750	45.45	B16
HARTAWAN HLDGS LTD	0.319	0.030	0.080	27.97	5FU
HEETON HOLDINGS LIMITED	1.170	0.150	0.450	40.54	5DP
HG METAL MANUFACTURING LTD	0.416	0.075	0.110	28.06	526
HIAP HOE LIMITED	0.970	0.048	0.400	42.55	5JK
HIAP SENG ENGINEERING LTD	1.203	0.120	0.470	41.05	510
HLH GROUP LIMITED	0.089	0.008	0.025	30.86	H27
HLN TECHNOLOGIES LIMITED	1.000	0.100	0.280	29.47	5HH
HONG FOK CORPORATION LTD	1.774	0.150	0.505	29.67	H30
HONGWEI TECHNOLOGIES LIMITED	0.470	0.085	0.185	41.11	H80
HOSEN GROUP LTD	0.350	0.045	0.115	35.38	5EV
HOTEL PROPERTIES LTD	6.111	0.800	2.270	38.57	H15
HSR GLOBAL LIMITED	0.660	0.230	0.270	40.91	502
HUAN HSIN HOLDINGS LTD	0.725	0.190	0.215	30.07	H16
HUPSTEEL LTD	0.535	0.100	0.220	43.19	H73
INFORMATICS EDUCATION LTD.	0.225	0.015	0.100	47.62	I03
INTERNATIONAL PRESS SOFTCOM	0.205	0.035	0.055	28.21	571
INTERRA RESOURCES LIMITED	0.395	0.055	0.130	35.14	5GI
INTRACO LIMITED	0.665	0.130	0.280	44.44	I06
ISDN HOLDINGS LIMITED	0.515	0.080	0.140	27.67	I07
ITE ELECTRIC CO LTD	0.240	0.020	0.060	31.58	581
JACKS INTERNATIONAL LIMITED	0.170	0.050	0.080	48.48	J11
JACKSPEED CORPORATION LIMITED	0.305	0.060	0.105	36.21	J17
JADASON ENTERPRISES LTD	0.265	0.030	0.090	36.73	J03
JAYA HOLDINGS LTD	2.050	0.185	0.520	25.87	J10
JUNMA TYRE CORD COMPANY LTD	0.355	0.030	0.140	43.08	5FJ
K-REIT ASIA	2.815	0.430	1.250	46.31	K71U
KINERGY LTD.	0.320	0.020	0.150	49.18	5JT
KOH BROTHERS GROUP LIMITED	0.645	0.075	0.190	30.40	K75
KSH HOLDINGS LIMITED	0.668	0.078	0.220	35.77	ER0
KYODO-ALLIED INDUSTRIES LTD	0.255	0.015	0.080	32.00	5BL
LAFE CORPORATION LIMITED	0.211	0.029	0.060	29.13	L05
LANTROVISION (S) LTD	0.106	0.015	0.030	31.25	5BH
LASSETERS INTL HOLDINGS LTD	0.473	0.064	0.180	39.30	5EL
LHT HOLDINGS LIMITED	0.215	0.035	0.080	39.02	L10
LIAN BENG GROUP LTD	0.820	0.090	0.280	35.67	L03
LINAIR TECHNOLOGIES LIMITED	0.201	0.022	0.050	27.03	5FW
LIZHONG WHEEL GROUP LTD.	1.280	0.110	0.425	34.84	E94
LMA INTERNATIONAL N.V.	0.715	0.100	0.310	44.60	L24
LONGCHEER HOLDINGS LIMITED	0.855	0.210	0.255	31.48	L28
LORENZO INTERNATIONAL LIMITED	0.477	0.055	0.140	32.26	5IE
MACQUARIE INT'L INFRA FUND LTD	1.230	0.235	0.575	47.92	M41
MATEX INTERNATIONAL LIMITED	0.280	0.055	0.090	32.14	M15
MEDI-FLEX LIMITED	0.310	0.030	0.135	48.21	5FF
MEGHMANI ORGANICS LIMITED	0.560	0.060	0.185	40.66	M30
MEIBAN GROUP LTD	0.657	0.086	0.300	48.00	M24
METAL COMPONENT ENGG LTD	0.205	0.020	0.055	29.73	5DX
METAX ENGINEERING CORP LIMITED	0.300	0.070	0.070	26.42	5HV
MFG INTEGRATION TECHNOLOGY LTD	0.305	0.035	0.115	41.82	M11
MIDAS HLDGS LIMITED	2.340	0.250	0.680	29.69	5EN
MIYOSHI PRECISION LIMITED	0.315	0.055	0.095	34.55	M03
NATURAL COOL HOLDINGS LIMITED	0.411	0.130	0.185	48.78	5IF
NEPTUNE ORIENT LINES LIMITED	5.780	0.768	1.950	35.11	N03
NH CERAMICS LTD	0.235	0.020	0.065	27.66	5AC
NIPPECRAFT LIMITED	0.185	0.030	0.050	28.57	N32
NTEGRATOR INTERNATIONAL LTD	0.059	0.014	0.020	33.90	5HC
OAKWELL ENGINEERING LIMITED	0.190	0.020	0.065	39.39	584
OCEAN SKY INTERNATIONAL LTD	0.330	0.030	0.125	42.37	O05
OCEANUS GROUP LIMITED	0.470	0.060	0.205	45.05	579
PACIFIC ANDES RESOURCES DEVLTD	0.720	0.082	0.325	46.43	P11
PACIFIC CENTURY REGIONAL DEVTS	0.420	0.130	0.185	44.58	P15
PAN HONG PROPERTY GROUP LTD	1.020	0.080	0.410	42.27	P36
PAN-UNITED CORPORATION LTD	1.072	0.315	0.490	46.58	P52
PENGUIN INTERNATIONAL LIMITED	0.336	0.040	0.080	25.08	P13
PEOPLE'S FOOD HOLDINGS LIMITED	2.290	0.320	0.780	35.94	P05
PLATO CAPITAL LIMITED	0.668	0.101	0.160	26.36	5PI
PNE INDUSTRIES LTD	0.165	0.020	0.075	46.88	P07
POLLUX PROPERTIES LTD.	0.240	0.030	0.070	33.33	5AE
POPULAR HOLDINGS LIMITED	0.328	0.079	0.155	49.84	P29
PROGEN HOLDINGS LTD	0.190	0.020	0.065	35.14	583
PSC CORPORATION LTD	0.686	0.130	0.260	40.44	DM0
RADIANCE GROUP LIMITED	0.260	0.050	0.090	37.50	5DC
RENEWABLE ENERGY ASIA GRP LTD	0.515	0.035	0.185	39.36	5DW
ROWSLEY LTD.	0.336	0.023	0.090	32.73	A50
SAKAE HOLDINGS LTD.	0.445	0.090	0.190	44.71	5DO
SAMUDERA SHIPPING LINE LTD	0.520	0.120	0.200	39.22	S56
SANTAK HOLDINGS LIMITED	0.370	0.080	0.130	41.94	580
SAPPHIRE CORPORATION LIMITED	0.760	0.100	0.305	46.21	NF1
SC GLOBAL DEVELOPMENTS LTD	3.405	0.295	1.340	40.53	D2S
SCINTRONIX CORPORATION LTD.	0.180	0.035	0.075	44.12	T20
SCORPIO EAST HOLDINGS LTD.	0.295	0.075	0.120	44.44	5HW
SHANGHAI TURBO ENTERPRISES LTD	0.230	0.030	0.085	41.46	X27
SILVERLAKE AXIS LTD	0.956	0.079	0.300	32.57	5CP
SINGAPORE EXCHANGE LIMITED	17.200	4.000	7.320	46.04	S68
SINGAPORE SHIPPING CORP LTD	0.485	0.120	0.220	47.83	S19
SINGXPRESS LAND LTD.	0.125	0.010	0.030	27.27	5CE
SINOBEST TECHNOLOGY HLDGS LTD.	0.270	0.035	0.110	44.90	T80
SINOMEM TECHNOLOGY LIMITED	1.640	0.050	0.680	43.31	S14
SINOPIPE HOLDINGS LIMITED	0.600	0.045	0.225	39.47	X06
SINWA LIMITED	0.715	0.050	0.210	32.01	5CN
SKY CHINA PETROLEUM SVCS LTD.	0.680	0.055	0.185	30.33	W81
SMB UNITED LIMITED	0.506	0.100	0.215	45.45	S16
STAMFORD TYRES CORPORATIONLTD	0.629	0.155	0.275	45.53	S29
STATS CHIPPAC LTD	1.404	0.202	0.675	48.84	S24
STRATECH SYSTEMS LIMITED	0.110	0.010	0.030	31.58	S73
STX PAN OCEAN CO., LTD.	42.400	6.000	10.680	26.57	GZ9
SUNLIGHT GROUP HLDG LTD	0.160	0.010	0.040	27.59	5AI
SUNNINGDALE TECH LTD	0.485	0.030	0.145	30.53	T35
SUNRIGHT LTD	0.530	0.075	0.185	35.92	S71
SUPERBOWL HOLDINGS LIMITED	0.520	0.085	0.245	49.00	S48
SWISSCO HOLDINGS LIMITED	0.880	0.060	0.230	28.22	5FD
TAI SIN ELECTRIC LIMITED	0.595	0.110	0.200	35.09	500
TEXCHEM-PACK HOLDINGS (S) LTD.	0.335	0.060	0.085	25.37	AI1
THAKRAL CORPORATION LTD	0.073	0.009	0.030	44.12	T04
TIONG WOON CORP HOLDING LTD	1.260	0.135	0.315	26.03	T06
TMC EDUCATION CORPORATION LTD	0.332	0.040	0.085	29.62	586
TOP GLOBAL LIMITED	0.054	0.003	0.015	34.88	519
TRANSVIEW HOLDINGS LIMITED	0.412	0.045	0.135	34.79	T19
TSH CORPORATION LIMITED	0.338	0.052	0.150	46.15	574
UNION STEEL HOLDINGS LIMITED	0.442	0.060	0.115	27.12	V69
UNITED FOOD HOLDINGS LIMITED	0.245	0.030	0.070	30.43	U01
UPP HOLDINGS LIMITED	0.339	0.051	0.130	41.01	U09
VICPLAS INTERNATIONAL LTD	0.285	0.035	0.090	35.29	569
WING TAI HLDGS LTD	3.562	0.518	1.410	40.74	W05
YANLORD LAND GROUP LIMITED	4.400	0.495	1.390	33.90	Z25
YING LI INTL REAL ESTATE LTD	1.230	0.055	0.370	31.90	5DM
YONGNAM HOLDINGS LIMITED	0.539	0.050	0.255	49.51	Y02