Rigbuilders posting hefty declines, falling more than STI’s 1.2% slump; SembCorp Marine (S51.SG) down 2.8% at $4.95, Keppel (BN4.SG) down 3.3% at $10.54, SembCorp (U96.SG) off 2.8% at $4.82, says Dow Jones.
All three stocks falling for second day after sharp run-up since start of October, which partly on back of increased order wins, also fuelled by general hopes Fed’s QE2 would ensure continued liquidity flow into Singapore blue chips.
“It’s just profit-taking, the share prices went up a lot, Keppel rose from around $9.00 (at October start) to $11.00, while SembMarine rose from around $3.90 to $5.20,” says analyst at local brokerage.
“What goes up the fastest comes down the fastest…that’s the only explanation, the fundamental outlook for rig builders hasn’t changed.”
Volume for all three stocks moderate, orderbooks tip buyers interested at $4.92 for SembMarine, $10.50 for Keppel, $4.80 for SembCorp.
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