That was one explanation given as to why America's stock market went into a free fall. The keying in of an erroneous for the sale of P&G, which is a DJIA component, then sparked off a sequence of programme trades. Scary stuff.
The portfolio did badly, in line with the broader market. In terms of corporate development, Etika International announced that it entered into a syndicated loan. I guess that should be a sign of bigger things to come. China Animal Healthcare, the only S-Chip in my portfolio, announced a not to shabby 1Q10. Too my surprise, it announced a Rmb0.02 dividends.
Is there more pain to come? I think that there could be more panic selling. At the current levels, the STI is lower than it started the year, but still some 100 plus points higher than year-to-date lows, which is a good signs. Expect more volatility in the market as it tries to re-establish some equilibrium. Notice how China's tightening measure and Greek debt issues have already been in play for such a long time. Is it Lehman Part 2? I don't think so. Asian Financial Crisis Part 2? I don't think so. It is a market looking for meaningful correction and this is what it is.