Sub-Prime is the Albatross!

The afternoon session is as dreary as the Sea of Sargaso.

As for the Ancient Mariner,
Instead of the Cross, the Albatross
About His neck was hung

Bursa is in that state and yet it was not Bursa who shot the albatross with the crossbow. As the albatross hung, Bursa bleeds blood. The knock-on effect is going to be tremendous, wiping out billions in ringgit values from the retailers to the mutual funds. That is the way of the world. The world of high fidelity finance. What an oxymoron when domino-like markets fell in tandem due to some greedy sub-prime profiteering and hedge fund leveraging that went wrong i n the US.

At 3.30pm, Bursa is fully mired in red ink, losing some 40 points. There is as yet no indicator of broad-based buying support from international and local funds. There are some indication of bottom fishing but it needs to be sustained to have the desired effect.

We await the closing bell.

Heartsong