The Yen Bogeyman

So you think the sub-prime has caused havoc to the market? The yen carrying trade is now doing its part as well. Equities are now being hammered at both ends from New York to Tokyo.

The yen have shot up this morning like a rocket and panic buying to cover yen loans by those unwinding the carrying trade screwed markets world-wide even though Wall Street dropped less than 20 points.

The CI has dropped a massive 59 points at 2.45 pm It was a downright harrowing experience as panic hit the streets. Some stocks are down by almost 20%.

I do not believe any stocks can take this kind of punishment. When will the carnage end?

Heartsong

Bloody Massacre

As expected bargain hunting by some fund managers help lift prices on some blue chips to bring down the loss on the CI. At the close, CI lost 44.21 points to 1207.61. Volume was fair at 1.52 billion worth 3 billion ringgits. Losers wiped out gainers 1066 to 41. Gainers were BAT which added only 25 sen; Asiatic which managed to recover 10 sen after a huge fall yesterday, Hwa Tai which tacked on 8 sen and BHIC which brought in 5 sen. Losers are the who's who on the bursar. Sime Darby lost 75 sen. Muhibbah lost 70 sen as well. Public Bank lost 40 sen while Maybank was lower by 30 sen. Transmile dropped 44 sen and UEM World gave back 30 sen.

The portfolio stocks were squashed into congee and soups. Genting rolled the dice and lost 40 sen to RM6.80,Resorts World lost to player by 28 sen and BJ Sports Toto dwindled by 20 sen. JAKS dropped 6.5 sen to 77 sen while RCE lost 9 sen to 73 sen. Welli was one tough nut maintaining the price level of RM1.01 and RM1.02. I think there is a definite collector all day. Metronic declined by a sen to 16.5 sen.

Most future indexes and European markets are trading in the red now. I expect Dow to go red tonight from the word,''Go."

Heartsong

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

Bird Eat Bird World


As portrayed in the photo, it's not only a dog eat dog world, it is also a bird eat bird world and now a man eat man world as the world equity markets slaughter the humans relentlessly.

The European markets was awashed with red ink and so were all Asian markets. How will Dow open tonight? Up, we hope. But aren't we dreaming, wishing and hoping again that the sub-prime and the yen carrying trade will quietly go away?

CI closed down 33.2 points to 1255.17. Volume was fairly good at 1.1 billion shares worth 2.1 billion ringgits. Gainers overcame losers 990 versus 58 only. Only blue chip to shine with only a 10 sen gain was Dutch Lady. An unknown counter called Ingress managed a 3.5 sen gain. Losers galore included Lion Diversified(90 sen); Muhibbah(70sen); UMW(70sen), Stemlife(52 sen) and Kulim(55sen).

The portfolio went to Greenland. Genting went down the hill to RM7.15 losing 40 sen, Resorts World lost 35 sen, BJ Sports Toto reversed gear to lose 12 sen and RCE dropped to 81 sen losing 6 sen. JAKS was down 4.5 sen to 82.5 sen while Metronic was a sen down to 17.5 sen. Welli was at RM1.04;losing 10 sen but buying was strong.

If Dow goes down tonight, there will be more blood-letting. If it gains or lose marginally, there may be some hope that the slide can be arrested. But do not expect market to be active and about. It still has to be be confined to bed for sometime.

Heartsong

O Lord We Need You!


Yes, all of us investors and speculators on Bursa have sinned. They have forgotten You and have heaped praise on Manon. But You are great. You who made the mountains and the oceans. You do mighty wonders, Lord.

We must repent. We must go back to Your Word, The Bible. We pray to you so that this equity market havoc world-wide will end. It has caused trillions to be wiped out. It has caused pain, anguish and fear. We look forward to a divine exchange, trading our fears, sins and hatred for your peace love and kindness. We adore You, we love You and we uphold Your name on high. Amen.

Today Bursa along with all bourses world-wide felt the biting agony and pain of the continuous sub-prime roil. Bursa closed the morning session at 1258.74 with a loss of 29.60 points. Losers overwhelmed gainers 923 to 28. Volume was visibly thin at 553 million shares worth 913 million ringgits. Gainers were unknowns such as Gunung adding 3 sen. The others adding less than 4 sen were Air Asia (3.5 sen)and Shangrila (3 sen). Losers were aplenty. Take your pick. We have a morose Muhibbah here with a 80 sen loss. Then sitting over there as well is poor anemic Asiatic losing 60 sen. Lion Diversified here has lost its guts to give away 55 sen and Stemlife is almost lifeless losing yet another 48 sen.

The portfolio also played follow the leader. Genting dropped down the mountain to RM7.25 sen;losing another 30 sen.Resorts World lost 12 sen at a game of chance to finish at RM3.62. Welli went scuba diving yet again to lose 9 sen to RM1.05. RCE Cap lost 6 sen to 81 sen and JAKS dropped off 5.5 sen to 81.5 sen. BJ Sports Toto gave up 4 sen to RM4.72 while Metronic lost a sen to 17.5 sen.

A real carnage if ever there was one. One of the worst market days to experience. Of pain, horror and anguish.

Looking at the picture above remind us of our Lord who died on the cross to atone for all our sins so that we may find eternal salvation.

Let us pray

Heartsong

Investor Frustration

Wall Street's going down is just an excuse for the excesses of the Bursa. It may have gone too high too fast especially those blue chips. So our CI is an artificial benchmark that needs to be reviewed so that it will represent all sectors and also be weighted fairly. I believe it is not.

So the market decided on its own. When Asian markets rallied, it slink away with Singapore and Hang Seng and put on one lousy performance today. The CI finished 0.77 points down to 1290.13.

Sellers came in to batter prices in the afternoon and before you know it we were in minus territory. At the close 1.2 billion shares changed hands worth RM1.9 billion. Loser thumped gainers 696 to 247. Gainers included MPI which rose 50 sen;Shell whch tacked on 50 sen as well; Digi which rang in 30 sen and TNB which lighted up 20 sen. Those who lost were Muhibbah by 70 sen, United Plantation by 50 sen and Sime and IJM by 30 sen each.

The shadow portfolio had only one winner. NFO BJ Toto which gained 6 sen to RM4.86. A true defensive stock. Even Genting was battered down to RM7.50 (overnight close)while Resorts lost 4 sen to RM3.86. RCE stood firm losing half a sen to 82.5 sen while popular JAKS lost 3 sen to 81.5 sen. Welli is still bottom sea fishing at RM1.02, losing three sen.

A most frustrating day for investors. You just do not know what to do. To buy, to sell, to stay put on the sideline. Every decision could be a painful one if the market turns awry.

So we let Dow Jones to play Dear Leader again and sucker up to it tomorrow.

Heartsong

International Donor Market

Well, the market was totally not satisficing. It was weak all over and there was absolutely no confidence to buy.

Yes, we are an international donor market. When shares rise overseas, we oftentimes do not respond. When shares fell overseas, we react. So, as you can see, we cannot benefit from world market rises but we give up billions when overseas stocks goes down. We call such a market-a sucker's market. Bursa is a sucker's market. It has no backbone and it cannot rally. It is no leader as well anywhere, globally, regionally or even in its own backyard.

Started out well by clinching 21 points, it fell by the wayside like a beggar to end 9.08 points higher by the noon close. The CI was 1299.98, a cat's whisker away from 1300. Volume of shares traded was 611 million shares with a total worth of 1.8 billion. Losers were ahead of gainers by 425 to 369.

Gainers were led by Digi; up 40 sen,Pelikan up 22 sen, Tanjong; 20 sen and PetGas; 20 sen and Berjaya Cap;16 sen. Loser were Guthrie going down 30 sen, Stemlife losing 25 sen, and Cima dropping 20 sen.

Except for Genting and BJ Toto which made a gain of 10 sen and 4 sen respectively , the others were at their overnight levels or lower.

Resorts was at its overnight level of RM3.90 and Metronic at 20 sen.

JAKS went down by a sen to 83.5 and RCE by 1.5 sen to 86 sen

Welli lost 3 more sen to RM1.02

Let us see if there are going to be magic moments in the afternoon.

Heartsong

No Bulls, only Bullshit!

The CI went down to 1290.9, down 44.5 points drop. There was no saviour. As generally expected, it free-fell. Volume of traded shares was 1.3 billion worth a value of 2.1 billion. There were only 60 gainers compared to a whopping 1,016 losers. Among gainers were JTInter which gained 26 sen,Carlsberg up 14 sen and Cepco up 12 sen. Among losers were Digi, Muhibbah and Bank of Commerce.

Stocks in the portfolio fare very badly. Genting eased off 25 sen to RM7.50; Resorts World went down 16 sen to RM3.90 and BJ Toto skidded down 4 sen to RM4.80. RCE dropped 6 1/2 sen to 87 1/2 while JAKS lost 9 sen to 84.5 sen. Welli plummeted another 6 sen to RM1.05, about the lowest for the year. Metronic lost a sen to 20 sen.

To bring back the market we need a stampede; be it bulls, wildebeests or pegasuses!

Heartsong

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

Burning Hell

As expected, Bursa fell like tenpins. Greatest rout in a long time, taking the index below 1300 to 1298.01. Lost 37.4 points at the morning close.

The market was marked down a couple of shades because of widespread panic. Almost all counters turned red. Maybank was yellow, supported by some funds, I suppose. Losers included DIGI down 80 sen, BAT; down 75 sen, Commerce down 70 sen and Muhibbah; 60 sen. Gainers were Opus up 14 sen;Merge; 8 sen;Cepco up 6 sen and Ipmuda up 7 sen.

My shadow portfolio was bathing in curry mee. All capitulated and did the limbo rock.

Genting- the house loses 15 sen
Resorts- sailing down by 16 sen
BJ Toto- holding tenaciously at RM4.80, losing 4 sen
Metronic in defensive automode; dropped a sen to 20 sen
RCE lost some 6.5 sen to 87.5
JAKS down 7 sen to 86.5
Welli submerged to RM1.03

Let us see whether market will rebound 50% in the afternoon session.

Heartsong

Expect one of a hellish roller-coaster ride today.

Obvious reaction of the panicky and unschooled in the mechanics of the stock markets-dump shares and buy back again when it falls. Good if you have a re-entry strategy;better if your can rightly time the market.

Today's mood will be sombre. I expect panic selling from the word "Go!" especially from those who had enough and would not want to get their fingers burnt.

If you are saddled with many trading stocks, perhaps it is wise to let go of some. Follow the dictum, "win some and lose some". When market stabilized, bargain in at a cheaper price. Do not chase because no one know what weapons will be unleashed by Wall Street tonight.

If the market fell in reaction to the Bears Stearns conference call, then very likely it will rebound tonight. If more dirt is coming out of the sub-prime hedge fund imbroglio, then expect Dow to go south some more.

Since the world economies continue to be robust and US contribution to it is only 20% while the rest are fetching something between 6 to 10% annual growth rate, we should allay our fears that the world is not heading towards a depression.

There is no bubble as the transformation of the communist bloc into free economies have gobbled up a lot of world commodities. US companies which are global are reaping from this phenomena and this is showing well on their bottom-line. So the world is not in a recession mode yet. The money made on the world bourses are real.

Back home, the only concern is unemployment. Some inflation, perhaps but otherwise it's fair weather. With the pump-priming efforts of the government in the 9MP particularly the 2H of 2007, there should be no cause for alarm that our markets will go into an extended bear phase.

I expect the bulls to be back once the US can see its way out of the current sub-prime milieu.

Heartsong

Like Sheep Being Led to the Slaughter..

Wall Street went into manic selling again last Friday. It was the worst trading day this year, surpassing the February sell-down.

Dow went down 281.42 points again spooked by Bear Stearn's late conference call that "its return on equity in July may be close to the lowest ever and borrowing costs may slow mergers and acquisitions." Almost 12 stocks fell for every one that rose on the New York Stock Exchange as all 24 industry groups in the S&P 500 and all 30 members of the Dow fell.

Briefly; the factors that brought the US market down big time were:

• The continuing sub-prime mortgage debacle
• The continuing poor housing property market
  
• Fall in energy stocks as world oil prices fell
• Lower job creation compared to July forecast
• Slow growth in U.S. service industries
• The highest fall of the dollar against the euro in a month.

The world markets now await to see how disastrous will be its effects on their local markets.

Its definitely going to be a temporary bear season. So do not get into second-level fundamental stocks now. Stay out until the US market regains some semblance of confidence. Let them move up in positive territory for a few trading days on good volume. See whether US bonds has move downwards. Have Asian markets move up, disregarding Wall Street or are they still pups to the mother ship Wall Street? Look for confidence-building write-ups on the business pages.

Strategy:

Watch situational stocks such as oil and gas stocks, water play stocks, IDR and NCER stocks. Buy some if they free-fell and lock them up for a couple of months if the shares don't rebound. If the rebound comes, dump them and take profit.

Heartsong

The Bear Clobbers the Bull Again

We have prayed for the market to come home. We have seek mercy from God. Now we wait.

A friend told me to watch the market from 4 pm to 5 pm because this last hour can see mass buying or chunky dumping. It all depends of the fund managers as they read the market signals amidst the noise that they are hearing.

The sub-prime mortgage is one never-ending story. Now the additional noise is about the yen carrying trade. Perhaps that's what the stock market is all about. Be able to pick winners and timing entry and exit for profits amidst all the jangling and jarring "noises" in the marketplace.

The morning trading was a complete washout. I believe blue chips were sold off by some funds. This abated in the afternoon. Trading was dull and listless. No strong buying. Mostly attrition buying. Prices are falling off.

My shadow portfolio suffered. I will do the analysis after the 5 pm close.

Market closed at 1333.28, losing 6.2 points. Losers whacked gainers 655 to 292. Volume of shares done was 1.46 billion valued at 2.1 billion ringgits.

My portfolio when market day ended.

Genting added 5 sen to RM 7.90
Resorts added 4 sen to RM 4.08
JAKS added 2.5 sen to 93.5 sen
Metronic lost a sen to 20.5 sen
RCE lost 2 sen to 93 sen
Welli lost 4 sen to RM 1.12
BJ Toto lost 6 sen to RM 4.84

Market is consolidating and if Wall Street is generous tonight, it should advance tomorrow.

Heartsong

Give us Grace, Give us Mercy

After today morning's further slaughter, only one thing left for us to do. Pray.

Pray for grace from the Lord and pray for mercy.

Appease him with prayers so that the red tide will turn green with promise in the afternoon trading session.

Temper our greed. When the opportunity to sell arrive, do not be greedy, let go of your stocks with a song in your heart and a smile on your face.

Otherwise, you kena like this morning..

Those who rushed in where angels fear to tread all got slaughtered. After that, the market held steady and then some funds sold down index stocks. Market then got into a tailspin and the whole market fell like a house of cards.

Small investors need protection. The gentle kind. Like the picture above, the tiny squirrel loves the TLC from good ole giraffe.

Heartsong

This One's for the Bears!

Mark it down in your diary. By far the worse trading day of 2007. Even Moses would find it difficult to pass through this Red Sea with the bears in hot pursuit.

Global Economics-that is the name of the game. One screw up in the Great USA and the world gets influenza. They have fun and we get AIDS. And so it is with Bursa KL. When will this sub-prime problem come to an end? Is it going to be a perennial issue and we have to dance the cha cha to its troughs and dips? Bursa hardly got back on its feeble feet from Friday's blitzkrieg and yesterday it performed but platonically without joy. Today it is again taken to the slaughterhouse to be lynched. Silence of the Lambs. But why-lah, pray tell ?

The Composite Index got a drubbing of its life, losing at one time 44 points. Little comfort though, when it ended down 34.22 points to 1339.49. Cigarette manufacturer, BAT had a good smoke finishing well ahead by 77 sen. Remotely heard Timwell took on 32 sen and MISC sailed up with 25 sen. Elsewhere PetronasGas burnt bright adding 20 sen. As forecasted, Tanjong also rode in with a 20 sen gain. Losers-take your choice-lah... DIGI phoned in with a 60 sen loss and RHBCap wrote-off 50 sen. Elsewhere SPSetia deconstructed 50 sen and so did SAAG.

Potholia is now the nomenclature for stocks held in my purview. Sucks big time, most of them. Let us tengok-tengok and jeling-jeling them.

Resorts World takes the gold medal, losing 12 sen.
Genting took the silver medal with a loss of 10 sen.
The third place bronze medal was won hands down by Jumping Jaks Flash,losing 9 sen.
First consolation prizes were presented to Welli, RCE and BJ Toto, all hilang 8 sen.
Losing one sen was Metronic-Global at 21.5 sen. The bulwark was broken again to 21 sen. We will have to give you a participation certificate sahaja-lah since you did not finished too badly;only a small bruise on your little finger.......

Cry,baby,cry. Will you cry again tomorrow and the day after that?

Is it the beginning of bear season spooked by the sub-prime mortgage monster?

Have we come full circle since the meltdown of 2007 as we see the West mired in its own financial Sodom and Gomorrah? Must we pay big time for their follies?

Quezas,quezas, quezas.........

Heartsong

A Pyrrhic Victory for Bursa

Investors were muttering. Where did the market go?

Just when it was safe to enter the water, then a deluge of profit taking took place. Most who bought in the morning session felt really betrayed. They had bought o n the high side.Anyway that is how the cookie crumbles.

Market ended in victory, grabbing back 21.3 points to put the CI back to 1373.71. Bursa may be happy but not investors. It was a Pyrrhic victory to have Bursa back but there was no happiness for the soul. Volume was good at 2.12 billion shares traded with value of RM2.25 billion. There were 541 gainers and 394 losers. Top of the crop was RHBCap which bounced up by 65 sen followed by VADS also at 65 sen and finally by DIGI at a 50 sen gain. Losers were TSR Cap losing 27 sen, Kossan dropping 25 sen and Engtex which leaked off 15 sen.

And now to look at the portfolio.

Most of the stocks were traded a couple of shades down. Buying were mostly retail with a dollop or two of big blocks.

BJ Toto added 14 sen to top the portfolio counters. It ended at RM498 on a volume of 2 million shares. Mid size blocks of 300 lots were seen with an occasional 800 lots thrown in between small trading units. Very steadfast counter.

Resorts World proved resilient though it ended with a lower gain of 6 sen. Some 15.7 million shares exchanged hands. There were 2 blocks of 10000 lots and 2 lots between 8000-9000 lots. Should move up steadily when confidence returns.

RCE Capital added a sen to RM1.04 on a volume of 3.4 million shares.A few big blocks done. One block was for 4000 lots. It is firming up for a run soon.

Metronic-Global was like the ALAMO. It failed to protect the fort and so the price went down to 22.5 sen down half a sen. Volume was half a million and until interest returns, it will trade listlessly.

JAKS was the golden boy until profit takers put him back into the box in the afternoon session. It closed at one ringgit, losing 3 sen on a huge volume of 51 million shares. Most big blocks were done in the morning session with one large block in the afternoon session .Mostly retail trade until the close.

Welli-has turned into a frog princess falling 2 sen again to RM1.24. Some medium size blocks noted. Could portend something is amiss.

Let us see how Dow perform tonight so that we can have a more soulful trading day tomorrow.

Heartsong

Hot Pursuit

Look at the market. It lost 10 points on opening bell and is now fast recovering. So NCER can make a difference. Yah?

Look at the water-play in action. KPS is like a juggernaut, cannot be stopped. Moved up another 29 sen. Wah.... like that one.

Many friends called up to say they sold too early when it went beyond RM2. My advice-be contented; let others make some money.

Meanwhile look at JAKS. The big block of shares done at 86-89 sen is one big fat indicator that JAKS is going places.

Pun some if you want.

Meanwhile, look at this beautiful picture of our sun up close. Like the stocks, have an exit strategy and don't get burn.

Heartsong

Never Say Die!

It was a really bad day at the stock market. Fear built upon fear and mass selling began from the opening bell. It was really one big mess as the US sub-prime disaster caused two Australian funds to kaput! So Asian markets blood-bathed the entire day.

Despite the tragedy, depression and melancholia of losing gains and incurring loses, some investors were wise to pick up good counters that went down sharply as well as to take the opportunity to swap counters.

The market ended off its lows to close at 1355.38 points down a substantial 26.12 points. Volume was good at almost 2 billion shares valued at 3.5 billion ringgits. There was only a handful of gainers-144 while losers stood at 883.Gainers were RBLand up 65 sen, DFZ; 50 sen, Kossan 25 sen and KPS up 23 sen. Losers were BAT losing 75 sen, Tanjong;60 sen,Oriental;50 sen and Gamuda; 35 sen.

The portfolio has been modified. KPS will no longer be tracked. Instead Genting-CD will be tracked in its place. Let us look at how these counters performed.

Genting: lost 40 sen to RM8.15; an unnecessary loss of 40 sen. A good defensive counter and yet it was sold down the river. Volume was close to 7 million shares. Meanwhile, Genting CD closed unchanged at 0.35 sen. Resorts World showed resilience to close at RM4.10, down 4 sen on a huge trading volume of 28 million shares. BJ Sports Toto fell 6 sen to RM4.86 on a volume of 4.7 million shares. Elsewhere, Welli gained 5 sen to RM1.29 on a volume of 2.47 million shares. As the unveiling of the NCER masterplan is close at hand, I foresee Welli will move up. Exciting moments awaits.

RCE saw see-saw action and closed at RM1.03 down a sen on a volume of 7.7 million shares. Metronic closed half a sen lower at 22.5 sen on a trading volume of 2.4 million shares. JAKS did a disappointing tumble and rested at 82.5 sen for a 4 sen loss. Volume continues to be high at 9.7 million shares. Lastly, Taliworks dropped 7 sen to RM2.15.

Let us see how Dow trades tonight so that we can see how Bursa will possibly react on 30 July 2007, the day for the NCER masterplan unveiling by Prime Minister, Abdullah.

I hope local news will prevail on Monday to move the market up.

Heartsong

Dow Madness

I think we are gonna have one big bloodbath today if we continue to take the cue from Wall Street. The sub-prime mortgage problems are old hat. As the issues evolved, refinancing will occur.

I hope Bursa will not catch the cow disease from Dow. Otherwise all our stocks will be culled. But my hopes are in vain. Market slumped on the opening and stocks crashed.

To make a long story short, before 4 pm, the CI was down 31.4 points short of sliding below the 1350 point level. If that happens, then more funds will be selling to safeguard profits. 1.5 billion shares changed hands. Value was 1.82 billion. Only 89 counters went up compared to 958 which went south. The handful of gainers ere RBLand with 65 sen gain; RPower and DFZ. We need not mention losers, most are.

The portfolio was ravaged save for Welli and KPS. Welli was oversold and so could not really go down too much as there is no one who actually profited. Most bought Welli shares at about RM1.70. KPS shot up to RM2.20 but I would not know at what price it will sustained now that the news of the international pre-qualification exercise for the water transfer project has been announced. As KPS has gone beyond RM2.00, I will also stop tracking this stock.

Genting is fighting hard to stay at the RM8.15-RM8.20 level but its CD is tenacious staying at RM0.03 sen. I will now track Genting-CD until its expiry on 27 September 2007.Resorts is holding well at RM4.08 falling some 6 sen. RCE was pussyfooting around the RM1.00-RM1.02 level while JAKS is shuffling about between RM0.82- RM0.84 sen. Metronic is being supported at 22 sen. If it breaks below 20 sen, then its buying time

BJ Toto is treading around RM4.80 for a 12 sen loss while Taliworks lost 8 sen to RM2.14.

I will post on the closing after this.

Heartsong

Charge and Die!

It's 5 pm and market has ended with a minuscule gain of 1.77 points, propping the index feebly to 1381.50.

Started well with a rumble in line with a better Dow. Then Asian markets turned awry. Shenzhen plummeted 216 points, followed closely by Hang Seng, down 122 points. The Nikkei also dived to 156.33 points. Even our friend across the Causeway limped home with a 48 point loss. Given this scenario, fund managers lost their balls and stayed away in the afternoon session. Retailers, like rodents bargained the market down but all is not lost. Some late support on selected penny stocks and second liners did help a bit to sweeten misery.

There were only 312 gainers compared to 633 losers. Volume was acceptable; with about 1.8 billion shares trading hands. Shares traded valued at 3 billion ringgits. Gainers were Petra Energy, VADS, KNM, BAT and RHBCap while losers were the other cousin Petra, IOIProp,Boustead, DIGI and LPF.

Portfolio stocks - mixed performance.

Good performers were KPS and JAKS. KPS added 2 sen to RM1.90 on a volume of 125 million shares. I think the water-play game is about to begin. JAKS followed closely at 86.5 sen for a 1.5 sen gained after an intra-day high of 90.5 sen. Volume was 261 million shares. Taliworks added 3 sen to RM2.22 with a volume of 20 million shares.

Bad performers-Welli takes the kueh kochee again. It is now hiding under the seabed.It lost 6 sen to RM1.24 sen. Just who are the suckers dumping it to the collectors? Resorts is playing slow slide, down 6 sen to RM4.14. Still on heavy volume-355 million shares.

Genting is playing footsie, a plus and minus game. It ended unchanged at RM8.55 with some 70 million shares traded. Should move up tomorrow. BJ Sports Toto broke the RM5.00 support level to RM 4.92, losing 8 sen. Metronic stayed morose at its overnight level of 23.5 sen. Volume was better at 23 million shares. RCE was disappointing in spite of the earlier charge to RM1.10. It finished at RM1.04 for a 4 sen loss. Volume is still respectable at 70 million shares.

AMBD's charge was checked and it lost 0.5 sen to 46 after touching 50.5 sen in the morning. I will not be tracking this stock as it has surpassed my level of 45 sen. I will come back to it when it falls back to below 40 sen. Anything is possible in this fickled backboneless dilly-dally market.

Another dull listless market in spite of the charge in the morning led by Petra Energy.

So let us get on our knees and pray Dow Jones will shoot to the moon tonight so that we can enjoy a better Bursar day tomorrow.

Heartsong