DBS: Back to 1998?

DBS

The selling has resumed yet again. Today, DBS closed at $6.45, below the low recorded in Apr 2003 of $6.63. The next tentative support is $5.10 recorded in Feb 99 and below that, a much more substantial support at $2.59 recorded in Sep 98. At the rate DBS is falling, I will not be surprised to see it test the $5.10 level. According to their latest annual report, as at Dec 2007, DBS's NTA per share is $9.64. At $6.45, it is trading at about 32% discount to NTA. Cheap? Yes, when compared to its NTA. But i dont think it is safe to buy this stock yet. I would avoid buying this stock until the trend, as indicated by the MACD lines, turn up.