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2601-2620 of 3100
today px drop too much ..... any chance of rebound??
I think the best support now is for cosco to come out to clarify matters. This has the power to push the price back just like it did previously
the dumping of the Cosco shares are coming in through huge waves of massive selldowns...*g0Sh
the recent low on the 18 March is at $2.81...and we are trending towards that level now.............the gap down of a black candlestick...
Cosco tumbles on aborted rig deal
SINGAPORE - Cosco Corp fell as much as 13.7 per cent to $2.90 (US$2.10) with 41 million shares traded after the firm said that it would not proceed with a US$202 million rig project, dealers said. 'The cancellation of the GM5000 semi submersible hull contract will create doubts in investors' mind and the stock could underperform in the near term,' Morgan Stanley said in a note to client. Cosco has not received downpayment for 20 per cent of its existing shipbuilding contracts and some customers may choose to let the contracts lapse as a result, the US investment bank added, although it kept its 'overweight' rating and price target of $6.00 for the Chinese ship builder. -- REUTERS
Quotes:
Cosco Corporation
- Singapore Exchange mainboard-listed COSCO Corporation Limited, a leading ship repair, shipbuilding & marine engineering and dry bulk shipping group, is pleased to announce that its 51%-owned COSCO Shipyard Group had won high-value offshore and tanker building contracts totalling approximately S$402.4 million or US$292.3 million.
- CSG signed the new offshore platform contract worth RMB923 million (approximately US$131.8 million or S$182.1 million) with an American owner for constructing a hull of semi-submersible production unit. Though priced in Chinese-Yuan, the contract provides that payment will be made in US-Dollar at the prevailing exchange rate on payment date. The unit will be fabricated in COSCO Nantong Shipyard and its new offshore construction facilities in Qidong. Deposit of US$3 million has been received and the project is targeted for completion in 2010.
- The contracts are not expected to have material impact on the net tangible assets (NTA) and earnings per share (EPS) of the Company for the year ending 31st December 2008.
Thats a very good price.. i enter abit too early at 3.00 this morning. If ever they drop to 2.8 i will upload up again to avg down.
nickyng ( Date: 10-Apr-2008 11:45) Posted:
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hee...vested at 2.87 x5 hee...
cheers !!! :D
The early one worth 200m project not proceeding, but they just secured a 292m offshore tanker project. Today BT news stated as well. Careful leow, the Chinese wise saying " Fox comming" he he. Means trade with care.
Super happening!!!! Luckily I pulled out my 3.36 Q last seconds yesterday closing!!!!!!
3000 lots dumped 2.90 ! 1000 lots 2.85 !!!
I think Cosco is too big for it to fail. Is it shortist at work or support coming in soon?
did u see it , did u see it, someone throw 3000 lots at 2.90, then, the first support broke... walau, happening man...
AK, which project not proceeding?
AK_Francis ( Date: 10-Apr-2008 09:30) Posted:
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cheap cheap cheap, i am on the queue at 2.82 lei... can get it ?
lowest last month is 2.81, and jump to 3.90 , that's 39% jump, and now back to 2.90... so, support at 2.81...
tikam my luck first, didnt vest for dead long liao, hand itchy, heee..
hee...i think likewise too....collect when there's fear...then again ..open ur eyes and judge urself lah..
hee
be greedy when there's fear... be fearful when there's greed...
SO BUY ..cos this company is gonna do well as long as commodities and oil maintain their high levels..
if not who's gonna order rigs & ship the commodities?
Personnally I think today's selling so far was over-reacted. They lost a 200million contract but secure a near 300 millions deal.. The next few days will see rebound up..
2338 GMT [Dow Jones] Cosco
(F83.SG) may extend yesterday''s 6.7% fall on news company has given up
US$202 million contract to build semi-submersible rig hull for
Norwegian firm Red Flag. Shipbuilder says Red Flag failed to put in
deposit for project - a requirement Cosco imposes on customers before
it starts work. Firm says it hasn''t incurred any cost related to job
as work hasn''t begun. But news may still not go down well with
investors as concerns of possible order cancellations have been a
factor weighing on Cosco''s share price of late. However, stock may
find support from new contract announcements. 51%-owned Cosco Shipyard
Group has landed US$292.3 million worth of orders to build
semi-submersible hull, two shuttle tankers for U.S., Danish companies.
To minimize FX risks, Cosco says it''ll seek to quote future contracts
in CNY, EUR in addition to USD. Stock closed down 6.7% at S$3.36
yesterday. Support at S$3. (FKH)
most of the marine stock kena shot down, Keppel, swiber, SM, YZJ, EZRA....Cosco is the worst.
Is this a chain reaction or panic selling because of a single incident?
hee...si mi heng?? still got meat for further SHORTING or not ??
hee....very itchy hand and tempted to siah ! :D
Si peh Si peh HENG AH !!!!!!!!!!!