Another Listless Day

Yes, I can understand the fear of the impending market bubble burst in China especially when the Shanghai market has broken through the 4,000 point psychological barrier.

There is much caution in the local market. The index is down by 0.3 points and I think volume will be very thin today and in the days to come. Bargain hunters can be seen nibbling here and there meanwhile to dollar average. Not a good strategy for all times but in most cases, it helps.

Genting did not attract much interest in spite of buying the 30% share of the Singapore resort project from Resorts World. It closed up 10 sen at RM8.10. There was also not much interest in Tanjong after it announced buying a slew of power plants world-wide.

KPS moved a bit in the morning. It went up 3 sen to RM1.18 on a volume of 1.3 million lots. RCE is at its overnight level of 83.5 sen and so is Metronic Global at 35.5 sen. However, BJ Toto moved up 8 sen to RM4.82. I believe this is due to treasury buy-backs.

With the news of Kuok Brothers and POS Malaysia taking the helm for the day to day running of Transmile, things should look better for Transmile and POS Holdings. Hopefully, the market can leave the episode behind.

The morning market is equivalent to watching grass grow. Hope the afternoon can be more exciting.

Heartsong