Burn,Burn, Burn

Like fire and brimstone, from the heavens, it rained doom and gloom on the bursa.

The signs have been given. Dow futures pointed south. Markets from Europe to Asia were maroon in colour. But they played on, frolicking to the price movements. A grab here and a grab there. Unless you are collecting, do not put your fingers into this cauldron of fire.

Taking a cue from Wall Street, market collapsed. The chartists can chart all they want. TA or FA. Every day, a new low; every day new charts. A waste of time,effort and energy trying to put a handle to the market.

CI went down to 1205.58 down a humongous 46.24 points. Gainers was 17 against 1051 losers. Volume was 841 million valued at RM1.5 billion. Losers cut a swath of red ink across the board with speckles of greens.The hardest hit seems to be construction stocks like Gamuda and Muhibbah. Both went down badly; the former by 95 sen and the latter by 70 sen. IJM, another builder went down by 65 sen. Something is not right with Kulim. It fell 64 sen.

Portfolio counter were beaten to a pulp. Genting was hard hit; dropping a huge 45 sen. Resorts dropped 24 sen to RM3.38 and BJ Sports Toto got cut down by 18 sen. RCE lost 3.5 sen to 75.5 sen while JAKS was at 78 sen losing 5.5 sen. Metronic lost a sen to 16.5. Welli was strong, losing only 2 sen to RM1.02. Strong buying noted on this counter.

I believe some bargain hunters will come in to fish for blue chips in the afternoon to reduce the loss o n the CI. Expect situationals like JAKS, KHSB and KPS to move up a bit

Heartsong