Monday Blues at the BursaI think the market is at the carrefour-French for crossroads. Glossing over their charts, the chartists are advising caution. They see bear shadows at the next junction. Retailers are unbelievably lost. After amassing penny stocks, they are now bewildered as the market is slowing down. Fund managers are meanwhile waiting for the next wave to jump in.
Globally the sub-prime concerns still hover in the background. I guess the US authorities are quietly restructuring and refinancing these mortgages to prevent any untoward fall-out. Meanwhile,the Chinese government is instilling discipline into the Chinese rogue markets through fiscal and financial measures. I think the global scenario is manageable.
On the home front,the national will is strong as the 9MP gather speed and garner strength with the launch of the regional development areas and its slew of projects.The much anticipated general elections is in the offing, possibly to take place in December or by April 2008. There is not much time to build up the war chest for the parties in power. So, the stock market must go up. If churning must be done to attract retail buyers; so be it. As we approached Budget day on September 7th, expect a people-friendly one with goodies thrown in, left and right. The market need a trigger or two to go ballistic. The announcement of the pioneer companies in the IDR and the launch of the NCER will be the precursors!
So the market from now until September, broadly speaking, will be an active one. The 5o component stock CI will plod up incrementally by the concerted action of PNB, Khazanah and other government financial agencies. EPF will do its part and so will the fund managers with their analysis and periodic write-ups.
Meanwhile, expect to see Indiana Jones action on the second and third liners, the domain of the retail buyers. Watch out especially for counters involved in the 9th Malaysia Plan projects-chiefly those in the construction and property sector, the utilities, oil and gas and also in the consumption sectors.
Let us look now at how the market performed today. This the end of the day, the CI was up 4.8 points to 1,378.69. Voume was 136.7 million shares valued at RM 203 million. A scan shows that the market is exhausted of buyers. Prices were drifting downwards after the witching hour. Muhibbah gained RM 1.15, KNM; 60 sen and Kwantas; 60 sen. Losers included SAAG, KFC and DFZ.
Looking at the stable of tracked stocks, Genting and Resorts seems to be doing okay. Genting added 25 sen to RM8.70 while Resorts added 2 sen to RM3.66. BJ Toto was good too at RM5.25 for a 10 sen rise. WMC added 4 sen to RM1.71 while Metronic was 0.5 sen better at 22 sen ex-bonus. JAKS pushed up 1 1/2 sen to 82.5. At its overnight level was KPS at RM1.75 . AMDB added 0.5 sen to 41 sen.
As I have written earlier, it is about time for RCE to move and that it did. After sitting pretty all morning at RM1.02 - RM1.03 level, it moved aggressively in the late afternoon to tack on 8 sen. The intra day high was RM1.11. RCE finished at RM 1.10 on a volume of 11.63 million shares. It was the star performer of the portfolio.
Heartsong
Globally the sub-prime concerns still hover in the background. I guess the US authorities are quietly restructuring and refinancing these mortgages to prevent any untoward fall-out. Meanwhile,the Chinese government is instilling discipline into the Chinese rogue markets through fiscal and financial measures. I think the global scenario is manageable.
On the home front,the national will is strong as the 9MP gather speed and garner strength with the launch of the regional development areas and its slew of projects.The much anticipated general elections is in the offing, possibly to take place in December or by April 2008. There is not much time to build up the war chest for the parties in power. So, the stock market must go up. If churning must be done to attract retail buyers; so be it. As we approached Budget day on September 7th, expect a people-friendly one with goodies thrown in, left and right. The market need a trigger or two to go ballistic. The announcement of the pioneer companies in the IDR and the launch of the NCER will be the precursors!
So the market from now until September, broadly speaking, will be an active one. The 5o component stock CI will plod up incrementally by the concerted action of PNB, Khazanah and other government financial agencies. EPF will do its part and so will the fund managers with their analysis and periodic write-ups.
Meanwhile, expect to see Indiana Jones action on the second and third liners, the domain of the retail buyers. Watch out especially for counters involved in the 9th Malaysia Plan projects-chiefly those in the construction and property sector, the utilities, oil and gas and also in the consumption sectors.
Let us look now at how the market performed today. This the end of the day, the CI was up 4.8 points to 1,378.69. Voume was 136.7 million shares valued at RM 203 million. A scan shows that the market is exhausted of buyers. Prices were drifting downwards after the witching hour. Muhibbah gained RM 1.15, KNM; 60 sen and Kwantas; 60 sen. Losers included SAAG, KFC and DFZ.
Looking at the stable of tracked stocks, Genting and Resorts seems to be doing okay. Genting added 25 sen to RM8.70 while Resorts added 2 sen to RM3.66. BJ Toto was good too at RM5.25 for a 10 sen rise. WMC added 4 sen to RM1.71 while Metronic was 0.5 sen better at 22 sen ex-bonus. JAKS pushed up 1 1/2 sen to 82.5. At its overnight level was KPS at RM1.75 . AMDB added 0.5 sen to 41 sen.
As I have written earlier, it is about time for RCE to move and that it did. After sitting pretty all morning at RM1.02 - RM1.03 level, it moved aggressively in the late afternoon to tack on 8 sen. The intra day high was RM1.11. RCE finished at RM 1.10 on a volume of 11.63 million shares. It was the star performer of the portfolio.
Heartsong
No comments:
Post a Comment