Market Seems to be Developing Breadth

The last two days trading pattern shows early promise of a greater breadth for the market. Or is it just an illusion occasioned by the Resorts buy-back exercise. We cannot tell for sure since fund managers have jumped into the fray as well.

Cap Ayam predicts today's market. I append with some paraphrasing:

Malaysia shares tipped to trade in the 1371-1388 range tomorrow after failing to breach the all-time high 1391.57. KLCI ends down 0.83 points at 1381.53 in heavy volume on profit taking from intra-day high 1389.20 despite healthy buying interest in blue chips and index-linked stocks. Market breadth is positive with gainers leading decliners 494 to 427. The surge in China stocks, despite the imposition of higher interest rates, helped to lift regional markets with positive spill over effect onto our market. The ringgit's strength was an added catalyst for foreign funds," says dealer. USD/MYR was trading late at 3.4050 vs 3.4140 Friday.

So it is range trading that we can expect. If it is so, then we can say today will be more a bargain hunters' market and fund managers would not be in active participation. So let us watch the market as it unfolds. Meanwhile you can look at Kate Beckinsale in the above photo.

Heartsong