STX Pan Ocean Ltd. (STX SP): Lehman Brothers Holdings Inc.

STX Pan Ocean Ltd. (STX SP): Lehman Brothers Holdings Inc.
downgraded its view on the Asian bulk shipping sector to ``3- negative''
from ``1-positive'' as the oversupply of vessels in
2009 may be worse than expected. Lehman cut its rating on STX Pan Ocean,
South Korea's largest operator of vessels that transport coal, iron ore
and other commodities, to ``underweight'' from ``equalweight'' and
lowered the target price by 23 percent to S$3.10 from S$4.00. STX rose 6
cents, or 1.7 percent, to S$3.67.

STX Pan jumps on news of share migration

Shares of South Korean shipping firm STX Pan Ocean <028670.KS> rose as much as 13.1 percent to S$2.77 with 49.4 million shares traded after the company announced details on the migration of its shares between Singapore and Seoul.

Shares of STX Pan Ocean, which is also listed on the Seoul exchange, is trading in Singapore at around a 34 percent discount to its Korean counterpart.

By 0425 GMT, STX Pan Ocean shares were trading down 2.77 percent on the Korea Exchange, at 2,455 won.

A STX Pan Ocean spokeswoman said she could not give an exact timeline for the migration of shares, but a local dealer told Reuters it will take about two weeks.

STX Pan Ocean 14th Dec 2007

Another counter which broke the mid-term uptrend support of $2.80 last Friday.
Downtrend more confirmed with this breakdown.
Closed at $2.76, with most volume done at $2.75, $2.76 and $2.78 respectively.
Relatively high volume, with down bar.
Next supports at $2.68 and then $2.60.
Strong resistants at $2.80 and $2.81.
Eyeing on it like a hawk tomorrow.