Looking for Noah's Ark

Oh what a day! The investors have been put on tenterhooks. They expected the worst and sold their shares by the first twenty minutes and then market started going up again. Then it settled down and went up slightly towards the close. Damage was done. So what can these investors do, if they have sold at a loss. Their only chance is to buy back when the market should fall really badly. That would be like climbing back on Noah's ark. It means Bursa must take another hit A second drubbing will be required on the true blue chips like Maybank, Public Bank,AMMB, TNB, TM, Commerz and secondary blues like the construction and oil and gas stocks. Anything is possible now with this sub-prime and yen carrying trade roiling its vengeance in tandem across the globe.

CI was down to 1287.69,losing 25.7 points. Volume of shares traded was 1.05 billion worth 1.8 billion ringgits. There was 104 counters up and 835 down. among losers were sime which lost 20 sen and EONCap;30 sen. Putrajaya Perdana put on 38 sen, GBH;29 sen and KPS; 13 sen.

Looking at the shadow portfolio,only JAKS and Metronic closed unchanged at 87.5 sen. Genting lost 15 sen to close at RM7.45 while BJ Sports Toto shed 14 sen o RM4.82. Resorts World lost 6 sen while RCE Capital lost 4 sen to 86 sen. Welli closed down 3 sen to RM1.21.

The underlying tone of the market was weak as investors would not want to commit as it was Friday and they were also wary of what will happen to Wall Street in the near term.

Heartsong