Sembcorp Marine (SCM) undoubtedly fell below supports and the sudden surge in volume depicts, of course, layers of supply-sellers. The long black candle, the close near the low, and the sudden downturn in indicators depict a rush to the exit.

Sembcorp Marine - THE EDGE SINGAPORE

On June 24, SCM announced a 3-for-2 rights issue at 8 cents per rights share representing a discount of 35.7% to the theoretical ex-rights price or TERP of 12.4 cents. The rights issue is to raise $1.5 billion and the rights price is at a discount of 49.2% to pro forma of NTA of 15.8 cents. The rights issue requires shareholder approval as it is above what the general mandate stipulates.

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