On the flipside, the revival in micro-penny stocks would suggest that retail investors may be returning to the market again, after staying largely in the sideline. The last time this occurred in a big way was way back in July , when the market literally lost its head, with penny stocks chalking up double-digit percentage gains for the flimsiest of reasons.
That was just before the eruption of the sub-prime crisis in the United States the following month, which triggered a financial catastrophe so serious that the global banking system almost teetered on the verge of collapse. But so far, there are few signs of a recurrence of type penny stock rally, as the frenzied trading fizzled out after just two days. As retired stock broker Narayana Narayana observed, it all seems like "a dead cat bounce and we are now back to square one".
Will this latest revival in trading activities have legs? The roaring interest in recent bond issues - ranging from the retail offerings made by the likes of Aspial and Oxley to those made available only to institutions and well-heeled individual investors by United Overseas Bank and Societe Generale - suggests that there is a lot of available cash sloshing in the Singapore financial system looking for an investment venue. However, not much of it may be finding its way into the stock market.
In fact, going by the fund flow data, investors have been taking money out of the stock market in a big way. Yet, even as investors steel themselves against another possible stock market correction ahead, there is a contrarian argument: that they may be scaring themselves silly for nothing. The great investor, Sir John Templeton, once noted that bull markets are born on pessimism, grow on scepticism, mature on optimism and die on euphoria.
But there are few signs of the euphoria observed in the stock market just yet, if micro-penny stocks could not even sustain their trading momentum after two days. As Citigroup's former boss Chuck Prince once observed, "as long as the music is playing, you've have got to get up and dance". His ill-timed remarks were made in July , just before the eruption of the US sub-prime crisis.
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