STI finally broke through the 3000 points barrier yesterday. However, it did not make as much progress as previous week. The banks were subdued after a spectacular run last week.
The winners this week were surprisingly the mid and small cap stocks. They gained almost 3x more compared to their bigger and bluer brothers. They rallied 2.3% and 2.5% respectively.
So, my attention followed the “money” to the mid and small cap stocks that I am holding in my portfolio and those in my watchlist.
My major sell for this week was City Development after seeing it climbed 6% in a week. I also sold some Centurion and ARA LOGOS Reit shares.
I had subscribed to the rights issue of ARA LOGOS so I decided to sell some shares that are in the money. I hope I would get “more” excess rights which was priced at $0.55, about 12 cents lower than their shares price today. Hence, Every successful excess share received will be a profit. Finger crossed.
This week surprise purchase was VMWare.
In the midst of Wed night, the sharp drop of 5% in VMWare share price caught my eyes. Apparently its CEO was headhunted to join Intel. Correspondingly Intel share price jumped almost 10%.
I own some VMWare shares that I bought a while ago based on the recommendation of my DRAGON friend. Since then, the share price has shot up and I was hoping for a chance to accumulate more on weakness.
I saw the opportunity on Wed night. Yes, there was a reason for the share price to drop but I believe that a company should be larger than an individual. I personally feel that the significant drop was not justified. So, I took my chance and accumulated some. Finger crossed again!
The other highlight was the declaration of dividends by SPH Reit. I was glad to see that the dividend payout has bounced back, closer to preCOVID days. The share price reacted the next day by gaining 2-3%. Thank you and hopefully this trend continues for the other REITs.
So, this week was mainly selling again.
My warchest is growing and I hope there would be an opportunity to deploy them in the coming weeks or months.
Patience my friend, Patience Warrior!
Wishing all of you a nice weekend and a great investment week ahead.