Lock in your Profits

And the bargain hunters did come in at the last hour. The CI was better at the close, losing 10.1 points to 1273.52. As prices rose, many sold into strength. Profit taking soon took its toll of some situation counters especially JAKS which lost 2 sen to 90 sen. Volume was 1.2 billion shares valued at 1.6 billion ringgits. Not much breadth as much we would like to have. There were 480 gainers and 365 losers.

Gainers were Cepco with 68 sen; PPerdana gaining a whopping 60 sen, SAAG tacking on 55 sen and DFZ adding 35 sen. Commerz, JTInter, PetGas and Tanjong all lost 30 sen each. So, it is clear some of these brought down the CI.

Gaming stocks Genting(RM7.20) and BJ Sports Toto(RM5.05) led the portfolio; adding 15 sen and 5 sen respectively.Welli added 3 sen to RM1.05 while RCE added a sen to 81.5 sen. Metronic dopped half a sen to 16 sen while JAKS lost 2 sen. Resorts also gave up 4 sen to RM3.76.

Next week will be a challenging week. Will Bursa move up heavenward again? Hope so. In commemoration of 50 years of Merdeka, investors should be given the chance to rejoice too.

Dow Jones is in uncertain waters again. But I hope the turbulence will be confined to US shores, this time around as I believe the impending issues are no longer on the financial system but more on the economy.

Heartsong

On Eggs Again

As I predicted, Bursa took a rest, losing 16.8 points at the lunch break. The CI closed at 1266.84 points.Losers beat up gainers 659 to 137. Volume was not too encouraging at 510.5 million shares worth 780 million ringgits. Gainers were SAAG adding 50 sen, PPerdana notching up 24 sen; UBB back from the dead with a 24 sen rise and WCT which gained 20 sen. Losers were JInter which gave up 30 sen,BAT losing 25 sen and IJM dropping off 25 sen.

The portfolio saw mostly falls but for Genting which put on 15 sen to RM7.40. Resorts dropped 10 sen to RM3.70; RCE dropped a sen to 79 sen while JAKS, the market leader lost 0.5 sen to 92 sen. BJ Sports Toto lost 2 sen to RM4.98. Welli lost 2 sen to RM1.00 while Metronic lost 0.5 sen to 16 sen.

There may be some bargain hunting in the afternoon and prices might be better. So CI should be in higher territory.

Heartsong

Nowhere Market

The afternoon lulled on as stock prices moved down shade by shade. The top sprinter, KPS pulled a fast one which resulted in it falling 13 sen to RM2.84. The effect of ESOS shares being traded tomorrow hit home hard on buyers who chased the shares beyond RM3.00.

CI was up only 0.8 points to 1288.34. Volume continued to be thin at 761 million shares valued at 1.2 billion ringgits. Losers screwed up gainers 457 to 330. Gainers were MIDF which gained 49 sen on news it will be be taken private. ACB gained 28 sen while Lion Diversified added 25 sen. So did BAT. Losers were TaAnn losing 60 sen. POS Holdings which did a stunt; a sleigh of hand deal transfering Transmil at RM12.00 to the new unit caused Transmile to lose 44 sen. Many got conned yesterday by a newspaper item on this. Caveat emptor; so blame no one for your tomfoolery. Chin Teck slid 35 sen and BHIC was eroded of 32 sen.

Portfolio-wise saw Genting adding a paltry 5 sen to RM7.55. BJ Sports Toto and Metronic were overnight at RM4.84 and 18.5 sen. RCE lost a sen to 87 sen and JAKS was also at 87 sen losing 3 sen. Resorts dropped 4 sen to RM3.74 and Welli lost by a similar amount to RM1.1.4.

Not a good trading day as was expected.

I see signs of a fading bull market and the advent of a bearish trend.

Heartsong

Joyless Ride

Today is one dull day. A joyless ride. Trading is relatively thin at 869 million shares worth 1.49 million ringgits. CI was better in the afternoon finishing at 1296.48 up 8.78 points. Losers still took pole position at 519 against 333 losers. BHIC continue to hog the limelight putting on RM1.99 followed by Transmile which gained 56 sen. MPI added 55 sen and Gamuda tacked on 45 sen. Losers were Stemlife losing 64 sen, TaAn dropping 40 sen and Guthrie losing 25 sen.

The shadow portfolio was mixed. Genting and BJ Sports Toto, RCE and JAKS managed to gain. Genting added 5 sen to RM7.50;BJ Sports Toto; 2 sen to RM4.84; JAKS added 2,5 sen to 90 sen and RCE notched up 2 sen to 88 sen. Metronic and Welli were the losers. Metronic lost 1 sen to 18.5 sen and Welli 3 sen to RM1.18. Resorts World lost 2 sen to RM3.78.

Dull trading day. Most Asian markets are up though. So that will bode well for Bursa. US Futures also did well and so can encourage investors on Wall Street tonight to be quick on the buy.

We await the unfolding drama.

Heartsong

More Defensive than Offensive

A stalemate; that's what we are gonna have with a downward bias. If more bearish news emerged if the afternoon, Bursa will go into a red swamp.

As usual, the positive mind-set pushes the index to more than 13 points in the first 20 minutes. Blue chips like banking stocks were a shade better. Situational stocks like KPS, KHSB and JAKS ran ahead. Then, they played limbo rock. Except for KPS most went down the limbo stick.

Index closed barely one point for the morning session.CI was at 1288.10 up 0.4 points. Gainers lag behind losers 126 to 691. Volume of traded stocks shrank to 428.6 million shares worth 1.57 billion ringgits.

Among gainers were BHIC which upped RM1.75 sen, Transmile gained 46 sen, P Perdana up 42 sen and Tanjong put on 30 sen. Losing were Stemlife lost 74 sen while KLK dropped 30 sen, PPB was also down 30 sen and SunCity slidded 26 sen.

The portfolio played limbo rock too. Genting finished unchanged at RM7.45 while Resorts went down 2 sen to RM3.78. BJ Sports Toto also lost 2 sen to RM4.80. RCE dropped 1.5 sen to 85 sen while JAKS was 1.5 sen down to 86 sen. Metronic also went down a sen to 18.5 sen while Welli was down 5 sen to RM1.1.6. Not much buying of Welli today. I think they know - sudah celik that the timing is not right for a price boosting announcement.

The afternoon is awaited and the chances of a good bull market run scenario is most remote.

Heartsong

Gathering Strength

We have a more rationale opening this morning. The rush hour was more tamed. No rush, just a fast brisk walk for situational stocks. As always they slided down after the initial buying anxiety and excitement.

There was more widespread buying of pale blues. Market ended 12.92 points up to 1320.09.Volume was at 703 million shares worth RM1.65 billion. There were 584 gainers compared to 230 losers. Among gainers were Muhibbah putting on a solid 65 sen, Tongher, 50 sen, Gamuda;40 sen and Pelikan; 26 sen. Losers were F&N, LPI and Tenaga with a 10 sen loss each.

Let us see how the shadow portfolio did?

Surprisingly, Welli swam up to breathe in 14 sen to RM1.26 on heavy volume trading.Some big lots buying from 500 to 1000 is seen. something good is about to be announced by Dr. Rashid Tang in the near future. Will it go up in the afternoon? Only God knows.

Our two gazelles, RCE and JAKS spurted forward. They are short distance runners and have taken a rest because of volume buying by weak holders who are often ready to dump for a quick profit. Our gazelles has to run many short races to go up. They will fly with a bang like Pegasus when good news comes out. RCE added 2.5 sen to 93 sen and JAKS added 2 sen also to 93 sen.

Metronic is the proverbial tortoise. Slow ans steady lose the race most of the time-lah.. So, it managed to put on 0.5 sen to 19.5 sen. Many tired holders waiting for air.

The gaming stocks next. Genting and Resorts are next. Genting finished off best to add 10 sen to RM7.60 after a high of RM7.70 while Resorts stayed at the overnight level of RM3.96. NFO BJ Sports Toto decided to go downhill by 2 sen to RM4.94.

I hope the afternoon session will show some muscle.

Heartsong

AMAZING GRACE

The good Lord answer the prayers of those in need.

He has answered our prayers for Bursa and there are strong indications that the buying pulse is stronger this morning session. Blues are being sought out including second level blue chips. Good indication funds are back.

Situational stocks are being bought ending at their peak levels. KPS and JAKS are fine examples.

The CI got back 12.12 points to push the CI above the psychological 1300 points to 1302.25. Gainers thumped losers 641 to 168. Volume was heavy at 5.6 billion shares worth 8.6 billion ringgits. Looks like the market is coming home.

Gainers were Sime taking in 35 sen, Muhibbah;30 sen;Dutch Lady milking back 30 sen and Equine galloping forward to seize 25 sen. Losers were Opus sadly losing 32 sen, KNM slipping off 12 sen and TM which lost 15 sen.

The shadow portfolio went green suite.

Genting up 15 sen to RM7.65

Resorts gambled and won hands down 8 sen to RM3.94

RCE took in 6.5 sen to 89 sen

BJ Sports Toto took in 6 sen to RM4.92

Welli came up for a breather and add 3 sen to RM1.05

Metronic telemetried 0.5 sen to 19.5 sen

Now, let us see a scenario where the market holds to better. Blue chip buying is anticipated to push the CI further.

May God continue to protect us against the forces of evil pushing down prices and causing human misery....................

May the sub-prime and the yen carrying problems be resolved with the grace and mercy of God Almighty.

Heartsong

SONG SUNG BLUE

Neil Diamond 1970's hit song encapsulate the spirit of this morning opening. Yes, it tried to run in the morning rush but by 9.20 most counters started sliding down. It must consolidate before it can move up. The double dip on Friday and Tuesday was catastrophic, to say the least. I think many punters lost their trousers and are licking their wounds. They would not be in the market at least for sometime until they develop Dutch courage again.

So, today will be a true blue day. Only fundamentalist driven players will be browsing the counters and picking as they come across some new nugget of re-rated stock.

At 10 am, index was 10 points up at 1349. Losers trailed gainers 99 to 575. Volume was 308 million shares worth 1.43 billion ringgits. Gainers were DIGI, up 60 sen, RHBCap moving up by 40 sen and Commerce and Bursa tacking on 20 sen each. Losers included Etitech which lost RM1.56 and BAT which gave up a ringgit. DFZ lost 29 sen and Tanjong; dropped 30 sen.

Now, looking at the shadow portfolio, we see tired stocks. No stamina. Ran up the hill but now resting a few shades higher. Popular JAKS got out of the box and headed for the hills touching 98.5 sen. Like Aesop's hare, it then snoozed comfortably at 94.5 sen. There were some huge blocks (1000-3000 lots) buying at the 96-97 sen band. Should move up once consolidation completes.

Genting added 15 sen to RM8.00 and Resorts was at RM4.14. BJ Toto added 6 sen to RM5.00 while RCE moved up 2 sen to 97 sen. Welli up 2 sen as well. Metronic tacked on half a sen to 22 sen

All shares trade off best at this hour.

Let us see how they will fare at the 11.00 witching hour.

Heartsong

Still Weak to Sprint

As expected, they all jumped in this morning when Dow went positive on 93 points. After the morning rush hour, the prices started dropping off.

The smart ones were those who went into the market during rush hour traffic last Friday morning and yesterday morning. They were the smarty birds which got the goody worms. Any technical rebound on counters which went down real low, has been achieved by 9.30 am. The only exceptions are situational counters. The overspill from yesterday's buying of water-related stocks pushed these counters way,way up. But it was unsustainable. By 12.30 they fell by the wayside, some below yesterday's prices.

Market rose 15 points to 1367.38. Gainers were ahead of losers 521 to 340. Digi lead the gainers with a 90 sen gain; followed by VADS with a 70 sen advance, IOIPROP and KKB. Losers lost marginal. Lion Diversified lost 15 sen, TSR Capital; 15 sen and LPF 12 sen.

Portfolio stocks. I have tracked their volume profile and these are my findings.

Welli-Multi Corporation-amidst the small buyers and sellers, the collectors are back, picking lots of 50 to 100 lot sizes. Largest transaction was 200 lots. The average size is 50-100 lots. I smell a rat and believe a big behemoth is about to arise. So watch out for this counter. At noon close, it lost 2 sen to RM1.26 on a volume of 374,200 shares.

BJ Toto-as expected it just swam easily back to RM5.00. In a short time it will be back to RM5.50 level. Just you watch. Volume was 1.3 million shares.

Metronic could not hold back the tide and so it went down by 0.05 sen to 22.5 sen. No panic selling or manic buying, though . Small volume of 516,000 shares done.

Resorts World-resilient; good support at RM4.18. Huge lot sizes ranging from 500-1000 lots. A couple of 3000 lots done as well. Volume traded is 5.7 million shares.

RCE Capital added a sen to RM1.04 on a volume of 3.4 million shares. Firm collection going on. Big lot sizes from 500 to 4,000 lots.

JAKS started well to RM1.13 but fell back on profit taking to close up only two sen to RM1.05. Good price level to stay put while consolidation continues. Third highest volume leader. Morning blocks were humongous,ranging from 500 to 5000 lots. Good to stay here for a while for weak holders to unload.

Heartsong

Bursa is Coming Back!

Like the Terminator series, "I am coming back" is also the catch words for Bursa as it readies itself for the return to greener days ahead. We all hope that the sub-prime will be better managed by the US klutzes! Shame on them!!

It was a better market all round today. Loses were minimal and gains on situational counter were humungous! Don't believe me, ask KPS. It romped home with a 60 sen gain.Ask Engtex, it romped home too with a 45 sen gain. Ask Puncak, it romped home with a 44 sen gain.

The mood was good today, there was more confidence in the air as buyers return to the market,swarming most of the water-play counters.The NCER launch has brought some smiles to punters and investors. CI only lost 2.97 points to 1352.41 and there were 563 gainers compared to 358 losers. Volume of shares traded was 1.9 billion valued at 2.8 billion ringgits. Strangely, with the launch of NCER,counters such as Sime Darby, Golen Hope, Gamuda and Muhibbah fell.

Portfolio watch:

JAKS was the star performer, gaining 20.5 sen to RM1.03 on a volume of 57 million shares traded, a historical volume if ever. It has more upside to go.

Metronic was protective of its turf from Friday, staving off sellers and absorbing them all day. Metronic added 0.5 sen to close at 23 sen. Looks like Metronic is supported at 22.5 sen. So buy it if it should go below that price for whatever reason the market fell in the future.

Resorts World showed complete control and strength. It closed unchanged at RM4.10. Volume was heavy at 203 million shares.Analysing its market behaviour since Friday, I must say Resorts will plough back all the gains up to RM4.60 in no time. Watch this counter go when the weather changes for the better.

RCE is one good counter to have in any portfolio of worth. Fundamentally strong, it is a shoo-in for for at least a 30% price rise. When it goes, it goes, especially if GE is contemplating buying into it. Anyway, there is always a possibility that Goldman Sachs is collecting on the quiet. It closed unchanged today at RM1.03 on a volume of 41 million shares.

BJ Sports Toto; a titan in its own right. The super dividend paying king of Bursa, expect it to slowly swim back to to the RM5.60 mark. It lost 2 sen to RM4.84 on a volume of 25 million shares.

Welli-Multi Corporation -enigma you are. I actually expect star performance from you today but you scooted off and lost a sen to RM1.28, on a volume of 11 million shares. Good volume though; and may be a signal that another juggernaut will move shortly.

Taliworks was buoyed by the waterplay. It added 25 sen pushing its price to RM2.40. Expect it to have a meaty package of Langat II.

So there you have it, folks.Until tomorrow, its tata!

Heartsong

Resorts Frenzy Buying is Over!

Observing this morning rush hour traffic (9.00-9.20 am), it looks the play is now on Genting. It went up 20 sen to RM8.55 and Genting-CD which was left behind yesterday took centre stage today to up a sen to 0.04 sen. Those who pun the counter at 2.5 sen and possibly at 0.3 sen can exit with joy.

Resorts shot up to RM4.60 but slided down equally fast to RM4.54 for an 8 sen gain. Will it hold at this level? Hard to tell. I surmised the Treasury buy is peaking. They could be bargaining the price down for another push up perhaps this afternoon. Buying is dynamic, with its peaks and troughs. I expect it to settle down at RM4.60 for a 14 sen gain, at best.

KPS has gone up to RM.189 for a 6 sen gain on good volume. Highest done was RM1.91. Elsewhere, Welli is still looking at corals or Neptune, down another 3 sen to RM1.27. JAKS is half a sen better at 83 sen.

We are now in the witching hour. What is on the other side?

Heartsong

A Chop-Suey Finish

Well it was one choppy trading day, I can tell you. Some effects possibly from the sharp downturn on Wall Street last Friday. The Chinese markets, however, rallied in spite of the Chinese government's measures at monetary tightening.

CI closed at 1381.53 points, down hardly a point (0.83). Some talk about foreigners selling blue chips particularly Tenaga to offset holding riskier assets. According to Phillip Capital Management, these short term fluctuations are a regular feature of the marketplace. No undue concern. Start to worry, though, if the US$ stage a rebound and investors take their money out of equities. Right now, ringgit is firming against the US$, so no immediate worry.

Sime Darby, Golden Hope and Guthrie rose on the potential of the new combined entity to save RM500 million in costs. Elsewhere Resorts World continue its share buy-back operation setting a record breaking run to touch RM4.52 before settling down at RM4.46 for a 24 sen gain. Genting also sprang into action, gaining 25 sen after breaking a 6 day retreat.

Market talk is that Resorts is buying shares because Genting's stake in Resorts will dip below 50 on the impending conversion of a convertible bond. According to Citigroup Inc, "Resorts will continue to buy back its shares and possibly cancel them to help bring Genting's stake above 50% again." Plausible and possible.

Let us see how high Resorts shares will go as the Treasury operations continue, assuming it still has a long way to go.

Now let us look at how the market perform up close. Good share volume today. 1.65 billion shares changed hands. Value worth 2.67 billion. Gainers stood at 507 while losers were at 434. Leading the gainers were UMW, LPF, Shell and Sime Darby. The losers comprises IOIProp, DIGI, Tanjong and Tenaga.

The portfolio:

Resorts came off best to end at RM4.46 adding 24 sen on the largest volume of 648 million shares done on Bursa today.

Genting added 25 sen on a rebound. It ended at RM8.35 on a volume of 154,615 million shares.

KPS finally got over the RM1.80 resistance level and finished 9 sen better at RM1.83 on a volume of 86 million shares.

BJ Sports Toto found new buying interest to add 10 sen to RM5.10 on a volume of 11.2 million shares.

AMDB closed unchanged at 0. 395 sen.

Welli continued free-falling to RM1.30 for a loss of 6 sen on a volume of 10 million shares.

RCE lost 2 sen to RM1.03 on a volume of 55 million shares.

Metronics lost half a sen to 22.5 sen on a volume of 18.3 million shares

JAKS lost a sen to 82.5 sen on a volume of 48.2 million shares.

Taliworks lost 3 sen to RM2.13 on a volume of 14.7 million shares.

My thoughts for tomorrow.

• Marginal rise for Resorts and Genting if Treasury buy-in becomes less aggresive.

• The beginning of the water-play if there is follow through on KPS buying-ins.

• Possible Welli (WMC) play if the collectors have collected enough.

Heartsong

Boy, Can We Peek into Next Week as well?

Fridays are just days of inconvenience; a brief hiatus from the hustle and bustle of trading. A time to recuperate but mostly to lick our wounds from bleeding in the marketplace.

Market tried to search for its legs to stand up all morning. Familiar blue chips did not appear on the gainers' list. CI crept up 3.46 points to 1379.86, not convincing., may just give up the ghost in the afternoon session. Volume traded seems to be large by a session comparison i.e. 800 million shares trade with a value of 1.07 billion ringgits. Downers were 475 compared with uppers at 317. Leading the gainers were Lion Diversified, Suncity. LPF and AZRB while heading the losers were HSL, Tenaga and IJM.

Portfolio stocks. This is how they performed.

Genting-is fast sleeping with the penguins. Lost another 5 sen to RM8.15, a low for a very long time. Volume was 32 million shares.

Metronic-has given up and dying by the seconds- went down to 22.5 sen for another half sen loss. Tak boleh harap punya kaunter.

Welli-Still looking for its legs. Dropped further to RM1.37 for another 4 sen loss. Waiting for Godot?

RCE is sleeping after a big heave-ho yesterday. Volume is still good at 26.8 million shares. Should be moving back to the RM1.15 level in no time next week. Watch this counter go.

AMDB is better by 0.5 sen to 40 sen. Volume was at 10.7 million shares.

KPS-added two sen to RM1.75. seems to be some resistance moving beyond this point. Volume was 31.9 million shares. Should bounce up once news about the Pahang-Selangor Water Transfer project gets announced by the National Water and Natural Resources Commission soon.

BJ Sports Toto- No excuse for this counter to turn into a lame-duck. We will watch this counter closely. closed 2 sen better at RM5.00.

JAKS Resources-One hot potato. Jumped 5.5 sen to 85 sen, probably on early syndicate play ahead of the water-play. Hope the counter can move up with some momentum to touch 90 sen by this evening or early next week.

Resorts World-found its legs and rebounded 14 sen to RM4.04. Should stay there for the next step ladder move upwards next week.

Market appears to be stronger and many players have come in. I pray their hopes turn straws into gold.

Heartsong

A Consolidation No Less

It was better than expected. As the market closed, there were less bargain hunting as the buyers took the seller's quotes. So we have less loses on the penny stocks and second liners.

This is a good sign as it points to slow consolidation and some optimism that tomorrow might just be a better day. Blue chips were not that badly chipped off as well. CI closed at 1377.48 for a 4 point fall. Volume increased quite healthily to 1.24 billion shares; valued at RM2.01 billion. There were 356 gainers compared to 539 losers.

Leading the gainers with reduced gains were Nestle,Muhibbah,LCL and IJM while losers were Tanjong and BAT.

Portfolio stocks:

KPS finished unchanged at RM1.73. Good since it has clawed back to its overnight level with 2.05 million shares traded.

JAKS finished unchanged as well after grabbing back morning losses. Volume is at 3 million shares.

RCE lost a sen to RM1.03 on volume of 1.94 million shares.

Genting remained unchanged at RM8.45 on volume of 3.3 million shares.

Resorts lost 8 sen to RM3.88 on a volume of 23.9 million shares.

BJ Toto lost 10 sen to RM5.10.

Welli-lost 11 sen to RM1.42.

Metronic-Global lost 0.05 sen to 0.245

AMDB was at its overnight level of 40.5 sen.

If market returns tomorrow, expect second liners to move up on heavy buying especially those involved in the consumer refinancing, waterplay and in NCER. The counters to watch will be RCE, KPS and JAKS and Welli.

Resorts and Genting may also start their ascent northwards.

Heartsong

A Slight Technical Rebound

By the end of the day the CI was at 1,373.84 up 4.5 points.Volume was at 1.3 billion shares with a value of RM2.2 billion. Gainers overtook losers 589 to 319. KFC, KWANTAS and Petra were among the gainers and the losers were BAT, Kontra and Lion Diversified.

Looking at our portfolio of tracked stocks; WMC ran up helter-skelter briefly in the opening hour touching a high of RM1.92. When all the euphoria has subsided, demand deflated and WMC took the down escalator and went down to RM1.59 for a sen loss. Then renewed buying support brought a 6 sen gain to WMC. It ended at RM1.67 on a volume of 15 million shares. RCE was one solid performer today. It clinched a 2.5 sen gain to end at RM1.02 on a volume of 23 million shares. KPS also saw renewed buying support; gaining 2 sen on a share volume of 32 million. Resorts, meanwhile, went down 4 sen to RM3.62 with 64 million shares traded.

Meanwhile AMDB, JAKS, Metronics and BJ Toto suffered losses. AMDB went down 0.5 sen to 40.5 sen, Metronic were bargained down by 0.5 sen to 41.5 sen on the eve of its going ex-bonus and transfer to the main board. JAKS was also off by the same margin to 81 sen. Volume of JAKS shares traded was 50 million.BJ Toto took a kick in the groin by losing 15 sen to RM5.15. Genting, however, added a sen to RM8.50.

Overall market was one big yawn!

Heartsong

Siesta Fiesta at the Bursa

Talk about a lazy afternoon. This is certainly one of them. The bulls are in full siesta, after yawning all morning. Fund managers bought what they wanted and have joined the big sleep. The only ones out are the little retailers; picking stocks on bargain hunting.

Index is retreating. At last look it was at 1,379.25, up 6.1 points. Volume of shares traded was 816 million with a total value of 1.3 billion ringgits.

Those counters which made gains are sliding. Those with losses stayed put. A slight tug of war here and there on the more popular counters. Gentings stayed at RM8.70 for a five sen drop. Resorts was off by 2 sen at RM3.74. JAKS stood at 79 sen. AMDB lost s sen while KPS stood statue-like at RM1.70. similarly RCE stood lifeless at RM1.01. BJ Toto meanwhile lost 10 sen while WMC was also motionless at RM1.08.

In an hour's time, we will go into the angel hour. If gains on popular shares are not pared down to substantially attractive levels, the angels may not come out to play. Then you will see the devils make swift shrift of those weak counters, marking them down notches lower as the market closed its hatches down.

Heartsong

Fund Managers are Looking Around..

With the index up, it only means the fund managers are actively seeking good stocks to buy or even to churn to show they are doing their jobs well. I would not fault them because thanh- chak thanh-chak-loh for them. Must show they are worth the money they are paid as fund managers.

So what would you do if you are a fund manager? All stocks looks pricey at this level. Some may have been eroded the last week or so. So pick some of this and some of that. Look at some investment bank reports and do a good punt.

Let us see how the market is doing in the first hour of trading. Yesterday's favourites have been dustbined. Those who lost yesterday or the day before has been resurrected. The favourite indicative play of fund managers. CI is now a 1,381.40 up 8.3 points, a mere 10 points distance from its all-time high. They are going property this morning by the looks of it. Equine LA shot up 75 sen followed by SP Setia at 35 sen. Tanjong and Bursa were 30 sen better. Losers were BAT, Kossan and Padini. There was 381 counters up and 172 countersdown. Volume of shares traded was 27 million and value was RM125 million.

We are in the midst of the witching hour. The index is hovering around the 1380 mark up about 7.7 points. Ahmad Zaki Resources shared top honours with Bursa and Tanjong to clinched gains of 40 sen each. Meanwhile on the losers'side, Kossan is losing two days berturut-turut-this time losing another 20 sen. LCL lost 45 sen and BAT was stubbed 75 sen because of the cigarette tax hike lately.

Resorts meanwhile is creeping up, adding two sen to RM3.78. Genting is off by 5 sen; AMDB by a sen to 41 sen and Metronic by 0.5 sen to 43 sen. Meanwhile, KPS and RCE pushed forward with a sen gain to RM1.72 and RM1.02 respectively. JAKS did well all morning elevating itself to 80 sen for a 3.5 sen gain.

Another thing to note, GLCs such as UEM World and MRCB are moving and so are UMNO-linked counters such as Damansara Bhd and KUB.

Are we seeing early signs of the impending General elections? Are the boom-boom drums asounding the war chest built-up?

Heartsong

Where are the Champions?

Queens may sing "We are the champions." But the Bursar does not have any these days. MOX is just a takeover bid and we do not know about UMW. Genting may be up because of the Genting International rights issue. Interestingly, THE STAR speculated that Resorts could be driven up by potential news of better dividends payout to help the parent company in footing some of the development costs of the Sentosa Island casino project. The other reason is that it is projected to reap enormous benefits from the Visit Malaysia Year 2007. The CI was up 8.8 points to 1,373.14.

Volume of shares traded was 1.23 billion shares worth a value of 1.9 billion. 640 counters were up and 276 counters went down. Gainers included LCL, CEPCO,UEM World, Yinson and MRCB. Losers were CIMA, BJ Toto, Padini and Proton.

Bad news bears in Megan is a killer. So many first-tier banks are involved. They cannot bankrupt the company as it means zero returns. There is really nothing of value to force sell since Megan's losses have crossed into the billion ringgit mark. Also there is a police report and possible criminal investigation.

So today we have the market extending their gains. Resorts upped 10 sen to RM3.76 while Genting upped 25 sen to RM8.75. BJ Toto retreated 15 sen to RM 5.35 and KPS was a sen up at RM1.71. Metronic was half a sen better at 43.5. JAKS upped 4.5 sen to 76.5 sen while RCE ascended 4 sen to 101. AMDB added 2 sen to 42 sen.

Counter under SC threat WMC slumped further to RM1.08. This is the counter to watch.

Heartsong

Buckling at the Knee

As a follow up to my earlier blog today, all indicators pointed to a falling market as the first session ended. Buckling at its knee, it seems to weaken with every fading minute.

But what do you know, it happened during the "angel hour" in the afternoon. Market rose by 10 points to 1,364.37. However, gains were trimmed down. Those which were down, stayed down. MOX, UMW, Commerce and SP Setia went up and Equine lost big time falling 60 sen to RM3.60 followed by SAAG and Tanjong.

Market leaders, Genting and Resorts move ahead of the crowd. Gentings chalked up 25 sen to RM8.50 on the back of 14.2 million shares. Resorts took top spot in volume where 32.8 million shares were traded. It finished up 20 sen to RM3.66. BJ Toto also came to life in the afternoon putting on 25 sen to RM5.50. Meanwhile second liners were side-lined. KPS lost a sen to RM1.70 while penny stocks RCE slided down a sen to 97 sen. The other penny stocks like AMDB and Metronic were up, though. The former added 2 sen to 40 sen while the latter was a sen better at 43 sen. WMC remained unchanged at RM1.13 while JAKS slumped to 72 sen for 2.5 sen loss.

I believe the start of another "stariway to heaven" is in the offing. If buyers come in tomorrow in hot pursuit of shares which had been pared down in price, we are gonna have fun as well.

So, tell Cyndi - not only girls can have fun.


Heartsong

The Moon and Stars Come out to Play

Just like the lyrics of the song, the fund managers are just playing footsie these days. ''I will let go some blue chips as I bought them cheaper'', says some. The other fund managers , thinking that valuations are cheap, will pick them up on the price slag. Look at Dutch Lady, Commerce, UMW and MOX-up a few days, some days sitting pretty still, on rainy days-down. Typical blue chip behaviour. Don't play with these big boys!

For the broader market, they have decided to ignore Wall Street which went south on Friday last. Bursa garnered 6.5 points to 1,360.93 by the noon close. Most counters which made early gains shows that they had surrendered them "bulat-bulat".

Where is the market going? The money may be willing but the timing sucks! So today, the small man is looking around for good bargain counters to buy in, bringing down the prices further as weak suckers sell down their portfolio.

The Genting-Resort pair pushed higher this morning. Genting upped 25 sen to RM8.50 while Resorts galloped forward to clinch 14 sen at RM3.60. Looks like investors are chasing both counters relentlessly for more good news to come out of the Sentosa deal or elsewhere. No, definitely not because of the lousy dividends.

BJ Sports Toto will be paying out its smallish dividend soon. I think the counter is up 5 sen at RM5.30 because of Treasury buy-ins. KPS went down a sen to RM1.70 at a volume of 2.5 million shares. RCE was overnight at 98 sen while JAKS lost its jacking power and gravitate 1/2 sen lower to 74 sen.

AMDB got renewed buying support from punters and moved up 3.5 sen to 41.5 sen on a volume of 10.8 million shares. Metronic added 1.5 sen to 43.5 on a volume of 2.32 million shares, ahead of its ex-bonus on 9th July. Favourite whipping boy, WMC yoyoed beteween RM1.12 and RM1.18 before settling down smugly at RM1.15 for a 2 sen gain. So no action station yet-lah...

If the market can maintain its current performance, then I can see the possibility of a follow-through in the afternoon session. Then Bursa will trek up once more.

Heartsong