As from April 2013 my Journey in Investing is to create Retirement Income for Life till 80 years old for two over market cycles of Bull and Bear.

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This blog is authored by an old multi-bagger blue chips stock picker uncle from HDB heartland!

"The market is not your mother. It consists of tough men and women who look for ways to take money away from you instead of pouring milk into your mouth." - Dr. Alexander Elder

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Saturday, 5 October 2013

Madness of men in the stock market


Dollar stocks built on penny towers in ruins
SGX suspends 3 of 6 firms it queries after their counters plummet overnight

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THEY started out as penny stocks, one small coin being stacked atop another, but at such a head-turning pace that in just months, many were dollar pieces balanced on towers of pennies.

Yesterday, those towers came crashing down. Singapore Exchange (SGX) undertook one of its most wide-ranging interventions in recent memory by querying six companies and swiftly suspending three of them within an hour.

One trader said: "What a crazy morning. The whole screen was red at one point."

The market opened yesterday with the six queried stocks - Asiasons Capital, Blumont Group, Innopac Holdings, ISDN Holdings, ISR Capital and LionGold Corp - falling sharply. They had a combined market capitalisation of $10.3 billion as at Thursday's close; by the end of yesterday, their market value had more than halved to $4.7 billion.

Just before SGX suspended their stocks, the market cap of Asiasons, Blumont and LionGold had fallen to $4.1 billion from $9.3 billion the night before.

"I can calculate the movement of stars, but not the madness of men," Newton apparently said after he lost his fortune.

CW8888: Day traders got big balls!

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