A Healthy Pull-backThat much welcomed break is finally here. Bursa was off by 14.4 points to close lower at 1,377.13. As widely speculated, the two tier trading pattern is getting more obvious. As the blue-chips falter on the way up, losing much momentum on the weight of higher prices, penny stocks like AMDB shot out like a rabbit on heat with bloodhounds pushing up the price to a new high of 45 sen for an 8 sen gain. Good follow-through buying in the afternoon. Appears to be a change in market perception that AMDB is now worth much more than the 37 sen done last Friday.
Gainers led losers evenly by 454 to 451 .Volume was 1.5 billion shares .Fundamentally, by volume analysis, market remains intact. There is no sign of a reversal trend yet.
Equine shot up out the blue to add RM1.14 to end at RM5.00 and Keladi added 37 sen. Losers bringing down the CI included Tanjong. IOIProp and TM. So it may be true after all that EPF is going big into properties and may be buying Equine through MRCB. After all, they have just bought over Queensbay in Penang and beneficially own the majority of the Giant outlets throughout the nation.
Let us review the stocks that is being tracked. How did they fare?
KPS is still flying high like Pegasus on the water theme play. Something imminent is going to take place in KPS as the buying is almost continuous since it left the RM1.37 price band. It went up 9 sen to finish at RM1.76 on the back of 17.07 million shares. At this price, it is 40 sen up from the earlier benchmark. RCE added a sen but JAKS gave up a sen to 80.5 sen.
The gaming counters somehow did not perform as well. Genting was off by 5 sen but BJ Toto tacked on 5 sen to RM5.50. Resorts was the whipping boy taking a solid beating to lose 20 sen to RM3.38. The intra-day low was RM3.30. What is happening to Resorts? Accorded solid waste status?
Metronic seems to be moribund at 38.5 sen inspite of the impending AGM on 27 June. Should see some action soon. Otherwise it's gonna be a goner........
From today onwards, I will track AMDB as well as Welli-Multi, the second boarder which should be the next share counter to morph into a phoenix! Welli added 2 sen on a volume of 4.2 million shares.
Let us see how the market will perform tomorrow. We need to closely watch AMDB, KPS and Welli and how they will perform. If the market is lower, and these stocks continue their climb with volume it means more retail play is coming into the market. Expect retailers to chase after shares in the construction and property sector as well as counters that will feature prominently in 9MP tenders.
Heartsong
Gainers led losers evenly by 454 to 451 .Volume was 1.5 billion shares .Fundamentally, by volume analysis, market remains intact. There is no sign of a reversal trend yet.
Equine shot up out the blue to add RM1.14 to end at RM5.00 and Keladi added 37 sen. Losers bringing down the CI included Tanjong. IOIProp and TM. So it may be true after all that EPF is going big into properties and may be buying Equine through MRCB. After all, they have just bought over Queensbay in Penang and beneficially own the majority of the Giant outlets throughout the nation.
Let us review the stocks that is being tracked. How did they fare?
KPS is still flying high like Pegasus on the water theme play. Something imminent is going to take place in KPS as the buying is almost continuous since it left the RM1.37 price band. It went up 9 sen to finish at RM1.76 on the back of 17.07 million shares. At this price, it is 40 sen up from the earlier benchmark. RCE added a sen but JAKS gave up a sen to 80.5 sen.
The gaming counters somehow did not perform as well. Genting was off by 5 sen but BJ Toto tacked on 5 sen to RM5.50. Resorts was the whipping boy taking a solid beating to lose 20 sen to RM3.38. The intra-day low was RM3.30. What is happening to Resorts? Accorded solid waste status?
Metronic seems to be moribund at 38.5 sen inspite of the impending AGM on 27 June. Should see some action soon. Otherwise it's gonna be a goner........
From today onwards, I will track AMDB as well as Welli-Multi, the second boarder which should be the next share counter to morph into a phoenix! Welli added 2 sen on a volume of 4.2 million shares.
Let us see how the market will perform tomorrow. We need to closely watch AMDB, KPS and Welli and how they will perform. If the market is lower, and these stocks continue their climb with volume it means more retail play is coming into the market. Expect retailers to chase after shares in the construction and property sector as well as counters that will feature prominently in 9MP tenders.
Heartsong
No comments:
Post a Comment