An Anaemic Response

Well, I am proven correct again. Bursa is still extremely weak as the excesses are removed from its system. Until it is adequately cleansed, do not expect Indiana Jones performance.

And what are these excesses? Who caused it?

Intrinsically, the CI is to be blamed, it has too few counters, just like the silly Dow index which has 30 stock counters. This should be reviewed to include more counters. Secondly it must be more representative. If Dow is, then Bursa isn't because Dow can really go up and down but Bursa's CI can only go down like gravity.............

Who caused it? GLC fund agencies and local mutual funds that's who; pushing it sky-high to compensate for lost time to catch up with other global markets and in the process overdoing it. Other than the 100 stocks in the CI, the rest hardly moved except for situational stocks.

This morning, it moved up about 9 points but slowly it faltered. It is now at 1294.98 up 4.85 points. Some buying of finance stocks are noted. Moderate rise; no rebound. Second liners spurted and spluttered downwards losing half of their gains.

Volume of shares traded was 290,000 lots valued at 4.2 billion. Gainers were ahead by 414 to losers-235. Taking the lead in gainers were BAT with 75 sen, Maybank;20 sen and Genting and Gamuda; 15 sen each. Losers included Opus down 32 sen, Tanjong declining 30 sen as well and KNM; 20 sen.

Shadow portfolio:

Genting- good-went up 15 sen

Resorts added 4 sen to RM3.90

RCE tacked on 2.5 sen to 85 sen

JAKS added 1.5 sen to 83 sen

Metronic added 0.5 sen to 19.5 sen

BJ Toto was at iits overnight level of RM4.86

Welli bottom fished at RM1.01 losing one sen.

Do not have high hopes for the afternoon trading session unless some miracle happens.

Heartsong