Equities ArmageddonBy far, the worse cause for market meltdowns globally.
Sub-primes and the yen carrying trade-manifestations of man's greed and the reckless pursuit of systemic weaknesses of the world's financial systems. These excesses have come home and we have to face the music and to swallow bitter medicine. As the world central banks come in to salvage what is left of the dignity of financial institutions, investors world-wide turned panicky and started unloading shares from the word, ''Go.''
Let me just give a general picture of what transpired in Bursa this morning.
The initial reaction was to sell down those stocks that you have made some money. Then you sell those that you would not like to carry some more because of uncertain trading conditions for the next few days. Cash is king and so you convert.
The performance-not really big fall. Some sell-down of blue chips caused the index to fell on the initial hour. Then market stabilised and bargain hunters came in to reduce losses on most counters. The true blues were not too bad. Let us look at some of them at the end of closing day.
True Blues
Maybank lost 40 sen
Commerz lost 40 sen
LPI lost 40 sen
EONCap lost 30 sen
DIGI lost 30 sen
Public Bank lost 20 sen.
Hong Leong Bank lost 15 sen
Second Grade Blues:
KNM lost 22 sen
Sime lost 20 sen
TNB lost 20 sen
Tanjong lost 20 sen
TM lost 15 sen
Proton lost 15 sen
UEM World lost 18 sen
DRBHicom lost 12 sen
YTL lost 40 sen
Gamuda lost 15 sen
MRCB lost 9 sen
Zelan lost 20 sen
Pelikan lost 27 sen
YTL Land lost 11 sen
I expect market to slide perhaps towards losing 30 points as more bad news filter into the market. As today is Friday,expect more selling in the last hour or so.
The market appears weak though situational water-play counters have once again run ahead in anticipation of a recovery this Monday. A pre-matured indicator?
The determinant factor will be how Dow Jones fare tonight. If Dow makes a small loss or a small gain, its effects on world market will be neutral. Then there will be hope for Bursa. Otherwise it will be the same fate that we will face as the day dawns on 13 August 2007.
PS: Market closed down 25.7 points to 1287.69 today.
Heartsong
Sub-primes and the yen carrying trade-manifestations of man's greed and the reckless pursuit of systemic weaknesses of the world's financial systems. These excesses have come home and we have to face the music and to swallow bitter medicine. As the world central banks come in to salvage what is left of the dignity of financial institutions, investors world-wide turned panicky and started unloading shares from the word, ''Go.''
Let me just give a general picture of what transpired in Bursa this morning.
The initial reaction was to sell down those stocks that you have made some money. Then you sell those that you would not like to carry some more because of uncertain trading conditions for the next few days. Cash is king and so you convert.
The performance-not really big fall. Some sell-down of blue chips caused the index to fell on the initial hour. Then market stabilised and bargain hunters came in to reduce losses on most counters. The true blues were not too bad. Let us look at some of them at the end of closing day.
True Blues
Maybank lost 40 sen
Commerz lost 40 sen
LPI lost 40 sen
EONCap lost 30 sen
DIGI lost 30 sen
Public Bank lost 20 sen.
Hong Leong Bank lost 15 sen
Second Grade Blues:
KNM lost 22 sen
Sime lost 20 sen
TNB lost 20 sen
Tanjong lost 20 sen
TM lost 15 sen
Proton lost 15 sen
UEM World lost 18 sen
DRBHicom lost 12 sen
YTL lost 40 sen
Gamuda lost 15 sen
MRCB lost 9 sen
Zelan lost 20 sen
Pelikan lost 27 sen
YTL Land lost 11 sen
I expect market to slide perhaps towards losing 30 points as more bad news filter into the market. As today is Friday,expect more selling in the last hour or so.
The market appears weak though situational water-play counters have once again run ahead in anticipation of a recovery this Monday. A pre-matured indicator?
The determinant factor will be how Dow Jones fare tonight. If Dow makes a small loss or a small gain, its effects on world market will be neutral. Then there will be hope for Bursa. Otherwise it will be the same fate that we will face as the day dawns on 13 August 2007.
PS: Market closed down 25.7 points to 1287.69 today.
Heartsong
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