Magic Moments Revisited

What a tumultuous day!

From a free-falling market losing 60 points at one time, the bursa came to it senses at the last hour and losses were reduced drastically. I guess all the forced selling was completed by 2.50 pm. The CI closed at 1191.55 losing only 16.06 points. There must have been smiles and sighs of relief at all trading halls throughout the nation.

Volume was 1.8 billion shares valued at 3.1 billion ringgits. Losers push ahead of gainers 855 to 189. Gainers were KFC which added 45 sen, JOBS which tacked on 40 sen, Puncak which topped itself up by 32 sen and Genting and Resorts which added 25 sen and 24 sen respectively. Losers were Digi down by 90 sen, KLK by 70 sen, MISC by 45 sen and SP Setia by 45 sen.

Portfolio stocks which was beaten to a pulp initially recovered to minimise losses. Gaming giant Genting put on 25 sen to RM7.00 and Resorts flew by 24 sen to RM3.58 on heavy trading volume. BJ Sports Toto finished unchanged at RM4.58 while JAKS finished 3 sen lower at 74 sen. RCE also finished lower at 73 sen losing 2.5 sen. Welli was down 3 sen to 97 sen while Metronic lost a sen to 15 sen.

Today reminds me of the frantic nervousness that bore on the market after the outbreak of the first Gulf War when Saddam Hussein attacked Kuwait as well as the terrible Asian currency meltdown of 1997 suspected to have been started by Soros.

What a great day this is. To be able to experience yet again the sheer anxiety and excitement of a falling market and a good rebound. Bravo! Calls for a round of beer!

Will follow-through come on Monday and will Bursar scale the 1200 level? Anything is possible, by the grace of God.

We will wait for that on Monday.

Heartsong