thanks zuolun bro for update will wait and sit on my fingers for time being
The STI broke the classical support @ 3033 and covered the gap at 3051 & 3071 created on 9 Sep 2013. It is extremely oversold now due to lack of demand. If you're interested to play the dead cat bounce, you may start your shopping of big-cap blue-chips slowly at current level, around 3033.
A theory that states it is possible to make money by buying securities, whether overvalued or not, and later selling them at a profit because there will always be someone (a bigger or greater fool) who is willing to pay the higher price. Investopedia Says Investopedia explains 'Greater Fool Theory'
When acting in accordance with the greater fool theory, an investor buys questionable securities without any regard to their quality, but with the hope of quickly selling them off to another investor (the greater fool), who might also be hoping to flip them quickly. Unfortunately, speculative bubbles always burst eventually, leading to a rapid depreciation in share price due to the selloff.
Business HK court orders insider trader to compensate investors
December 12, 2013
A former Morgan Stanley banker convicted of insider trading will have to pay more than 290 investors a total of HK$23.9 million (RM10 million) they lost out on, a Hong Kong court ordered on Thursday, in an unprecedented legal ruling.
Du Jun, a former banker for Morgan Stanley Asia Limited, was ordered by Hong Kong's Court of First Instance to make the payment for using inside information when he traded shares in CITIC Resources Holdings Ltd in 2007.
The case marks the first time in Hong Kong that the Securities and Futures Commission (SFC) has managed to win a court order forcing an individual insider trader to pay investors money they lost out on as a result of trading with him or her.
It contrasts with the approach taken by most other regulators, including the United States and Britain, which tend to levy fines for insider trading that go into government coffers rather than returning money to investors.
"The investors had no means to detect they were dealing with Du, who was engaged in illegal insider dealing," the SFC's enforcement head Mark Steward said in a statement.
"This case sends a clear message that the consequences of wrongdoing, including the costs of restoration or remediation, should be met by wrongdoers and not be borne by innocent investors or the market," he added.
Du was convicted in 2009 of insider trading and sentenced to seven years in jail. The term was reduced to six years in 2012 following an appeal, though it still marks the longest sentence ever given in Hong Kong for the offence.
This case, heard in the civil courts, was only resolved now following the end of criminal proceedings against Du.
Du had been part of the Morgan Stanley team advising CITIC Resources on a proposed deal to buy oil field assets in China when he traded in their shares.
The HK$23.9 million represents the difference between the price at which the affected investors sold shares in CITIC Resources to Du and the price at which they could have sold the shares had the price sensitive information related to the deal been known by the market at the time. - Reuters, December 12, 2013.
noted with thanks but now only 49 so will wait and see first
The Fear and Greed Index is at 38 or Fear on 13 Dec 2013. ALL the technical indicators of the STI weekly chart are extremely bearish now; immediate support @ 3000, next support @ 2931. Based on these 2 signals, my gut-feel is that, the STI is likely to break the 3000 points convincingly to retest the last low of 2990 scored on 28 Aug 2013.