A Bargain Hunter's Paradise

After four days of fall, the Bursa made a half-hearted response to add only 3.66 points propping up the index to 1,354.38. Trading was absurdly dull and lacklustre. Some blue chips moved up signaling the return of fund managers. Trading was range-bound on most counters. Today is definitely a bargain hunter's paradise.

On the whole, 1.05 bilion shares were traded with a value of RM2 billion. Losers trounced gainers 463 to 434. Among gainers, we have MMCCorp which jumped 50 sen; IOIProp which upped 40 sen and Petronas Dagangan which climbed 30 sen. Losing its trousers was Dataprep which gave up 70 sen and Maybank and Dutch Lady which lost 20 sen each to RM12.00 and RM11.50.

"'Pilih mana yang suka'', sang Sharifah Aini in her Selamat Hari Raya song. Therefore, chose and pick the good ones that have fallen. Even the ''golden goose'' KPS went down to RM1.71 in spite of the news that the Pahang Water Transfer Project will see action in mid-July. It's volume also shrunk to 5.8 million shares. JAKS, which is also on the war wagon of the water play, traded listlessly to end unchanged at 74.5 sen. However, since Salcon went up, it may mean that there is rotational play on the water counters. RCE was 98 sen while AMDB lost 3 sen to 38 sen. Metronic added half a sen to 42 sen.

Genting saw a flurry of buying to end up 20 sen better at RM8.25. Resorts was the most traded counter (45.3 million shares) moving up to RM3.60 at one time before last minute profit-taking brought it down to RM3.46 for a 10 sen gain. I think both these 2 counters are becoming the darlings of the market once more because of the Genting International rights issue. So, you see there is still magic in the Genting Group!

Welli, our focussed stock was yoyoing all day long between RM1.14 and RM1.24, levelling off to end at RM1.13. Some huge block deals up to half a million shares were done but sadly no magic. So, anticipate action next week.

Meanwhile BJ Sports Toto which disappointed the market big time on its poor dividend payout got the big stick from investors which send the stock reeling down 25 sen to RM5.05 at one time. It closed at RM5.25 at noon for a loss of 5 sen.

I believe the Chinese markets are slowly being disciplined by "smart financial wizards". The latest rumour that they intend to lift taxes on savings accounts as well as increase interest rates may dampen the furor of transfering savings into stocks. Good show!

Heartsong