The Moon and Stars Come out to Play

Just like the lyrics of the song, the fund managers are just playing footsie these days. ''I will let go some blue chips as I bought them cheaper'', says some. The other fund managers , thinking that valuations are cheap, will pick them up on the price slag. Look at Dutch Lady, Commerce, UMW and MOX-up a few days, some days sitting pretty still, on rainy days-down. Typical blue chip behaviour. Don't play with these big boys!

For the broader market, they have decided to ignore Wall Street which went south on Friday last. Bursa garnered 6.5 points to 1,360.93 by the noon close. Most counters which made early gains shows that they had surrendered them "bulat-bulat".

Where is the market going? The money may be willing but the timing sucks! So today, the small man is looking around for good bargain counters to buy in, bringing down the prices further as weak suckers sell down their portfolio.

The Genting-Resort pair pushed higher this morning. Genting upped 25 sen to RM8.50 while Resorts galloped forward to clinch 14 sen at RM3.60. Looks like investors are chasing both counters relentlessly for more good news to come out of the Sentosa deal or elsewhere. No, definitely not because of the lousy dividends.

BJ Sports Toto will be paying out its smallish dividend soon. I think the counter is up 5 sen at RM5.30 because of Treasury buy-ins. KPS went down a sen to RM1.70 at a volume of 2.5 million shares. RCE was overnight at 98 sen while JAKS lost its jacking power and gravitate 1/2 sen lower to 74 sen.

AMDB got renewed buying support from punters and moved up 3.5 sen to 41.5 sen on a volume of 10.8 million shares. Metronic added 1.5 sen to 43.5 on a volume of 2.32 million shares, ahead of its ex-bonus on 9th July. Favourite whipping boy, WMC yoyoed beteween RM1.12 and RM1.18 before settling down smugly at RM1.15 for a 2 sen gain. So no action station yet-lah...

If the market can maintain its current performance, then I can see the possibility of a follow-through in the afternoon session. Then Bursa will trek up once more.

Heartsong