Simply a Case of Indigestion?

CI closed today down 11.53 points to 1231.86. Volume was 1.08 million shares worth 1.37 billion ringgits. Losers whacked gainers by 716 to 202. Gainers were SAAG with a 40 sen headstart gain, IOIProp adding 30 sen; L Daun topping up 29 sen and Kossan collecting 20 sen.

The portfolio showed mostly losses. BJ Sport Toto was the only stock to grip tightly to its overnight price level of RM4.80. The rest flowed down the river particularly Genting which lost a hefty 50 sen to RM7.25. Resorts followed suit losing 12 sen to RM3.64. RCE Capital dropped 5 sen to 74 sen while JAKS slided 5 sen to 76.5 sen. Welli fall through to the bottom of the lake losing 9.5 sen to 94.5 sen. Metronic lost 0.5 sen to 16 sen.

Heartsong

Directionless Again?

Where are we heading? The Dow was in positive territory but influencing Bursa today it did not. We have an overbought situation yesterday when the index outdid itself. Easy come easy go. So today, like the agonizing head above, decision-less and direction-less, sellers appear to trim gains and put the trajectory in a southerly course.

The CI was down at 1241.45 down a minuscule 1.94 points. Losers were expected to outnumber gainers which they did 569 to 215. Volume was low at 584 million shares worth 889 million ringgits. Gainers were second grade blues and those situationals which had big book value in terms of contracts. SAAG was up by 40 sen,BAT;25 sen,Genealy 22 sen and Kossan by 18 sen. Left much to be desired. Looks like the true blues are missing from this list.

Looking at the portfolio, it followed the general trend. Genting was down 10 sen, Resorts dropped 12 sen ;BJ Sports Toto- 2 sen and RCE Cap 3 sen. Welli dropped to 99 1/2 sen losing 4.5 sen while Metronic was unchanged at 16.5 sen. JAKS slided 2 sen to 791/2 sen.

So, nothing great this morning for the portfolio.

Heartsong

On the Afternoon Watch or Sitting Ducks?

The morning showed some buying strength. A follow through is needed to bring more buyers into the market. This will allow other pale blues with good PERs to attract buying interest and the broader market to be further strengthened.

Afternoon was a washout. Most stocks slided, some tumbled. At the end of trading day, index was up 6.2 points to 1313.39. Losers thumped gainers 493 to 427. Volume of shares was 1.2 billion valued at RM1.5 billion. Gainers were as usual Muhibbah, Tongher, Digi, IOIProp, Gamuda and Pelikan with gains ranging from 25-60 sen. Losers were F&N,LPI and Nestle; all losing 20 sen each.

Portfolio performed mixed because of late sell-down.

Only Welli survived with a 12 sen gain to RM1.24. Volume is high. The game will begin soon.

Genting(RM7.60); BJ Sports Toto (RM4.96)and Metronic (19.5 sen)managed to hold on to their overnight levels.

RCE lost 0.5 sen to 90 sen while JAKS limboed down the stick to 87.5 sen,losing 3 sen

Tomorrow is anybody's guess. If Dow holds, market may be incrementally good. If Dow get snowed down again, its thumbs down and fall we will...........

Time for a beer with Homer....

Heartsong

Brokeback Market?

The market slided another 10.1 points to finish easier at 1,366.99. This trend, though unnerving is good. Bitter medicine, once swallowed, brings much needed relief.

The way those 30 to 50 gilt edged blues have been manipulated to push up the CI and to make monkeys out of genuine investors is so artificial and had to be stop sometime. The losses yesterday and today are just refreshingly welcomed. I am happy to be contrarian for once. I hope the market will go down further tomorrow by another 10 points or so. Then, I believe buyers will come in.

The number of shares traded was 1.5 billion with a value of RM 18.53 billion. Losers thumped gainers 651 to 282. Gainers saw the likes of Kramat, BAT and SP Setia while losers included Equine,Bursa, DIGI and Transmile which lost 52 sen. The volume-value indicator, though on the lower side, is reflective of the market i.e. the lower the market, the lower the volume trade and the lower the value. My reading is the market remains healthy.

Let us look at how the stocks performed. Interestingly, Genting stuck up like a sore thumb by picking up 15 sen to RM8.20 on a volume of 7.6 million shares. Metronic Global, true to form,added 2 sen a day before the AGM/EGM tomorrow. The rest of the stocks headed south. KPS lost 4 sen to RM1.72; RCE gave up 3 sen to RM1.01, Resorts dipped 6 sen to RM3.32 while BJ Toto was down 10 sen to RM5.40. Jaks was piped down the river and lost 3.5 sen to 77 sen. AMDB lost its groundswell and gave up 2 sen while Welli lost 9 sen to RM1.48.

Some remarks. Welli will fluctuate in price in a similar fashion to Equine. Until the rumours die down, it will spike up and down. So these shares are not for short term speculation. They are for holding until their true value are realized when the rumours of corporate takeovers or restructuring becomes fact.

Heartsong

Does KPS stands for...?

After the last hour hectic burst of buying yesterday, KPS went up 7 sen to RM1.65 this morning before closing the day at RM1.51 for a 7 sen loss. Could not lekat....Viagra-deficient?

Is this the start again of the on-and-off yoyoing KPS's Kepala Pening Sindrom? Hope not. Surely, there must be some fuel out there fanning the prices heavenward for both KPS and KHSB.

Market ended at 1,357.18 up 4.2 points. Gainers included DIGI which upped RM1.20, BAT which gained 75 sen and Aeon which put on 50 sen. Losers were Welli with a loss of 73 sen; and KNM which lost 50 sen.

Tracked stocks gave a mixed performance. RCE put on 4.5 sen to move up to 94 sen while BJ Toto lost 6 sen to RM4.72. POS was better 2 sen but Metronic lost 0.5 sen. Genting gave up 15 sen while Resorts was flat at RM3.18.

Metronic has announced that its bonus share exercise should be completed by July 2007. I expect the shares to go up as a tranche of new shares will be traded before the transfer and bonus issue exercise.

Heartsong

Let's Follow Uncle Sam!

So today, Uncle Sam takes over from Shanghai. The expected slow growth of the U.S. economy was announced. It was off by 0.6% from the the estimates of the government. Wall Street tumbled down. An expected increase hike in interest in Europe also caused European stocks to fall in tandem.

So what does Bursa do but to follow the leader. The composite index went down by 8 points to close at 1,364 points. The market leader was Proton which upped 60 sen. Most stocks slumped initially but recovered.

Genting was flat at RM8.10 and RCE was up 2 sen to 94.5 sen. KPS added 2 sen to RM1.32 and Resorts added 2 sen to RM3.26. However, BJ Toto lost 6 sen to RM4.82.

Metronic was off by 1.5 sen to 38 sen. However the volume traded moved up to 506,000 shares. From the 2006 Annual Report of Metronic, it is confirmed that the company would not be declaring any dividend for the year 2006.

Not a magical day. Maybe tomorrow......

Heartsong

Fair Trading Day

The mood today is still guarded though there was some renewed buying on IOICORP to bring some 35 sen gain to the counter. Genting added 5 sen to RM8.10 while Resorts World added 2 sen to RM3.26. I believe the yoyo pricing pattern for Genting and Resorts is the result of conversion of coupon notes which were converted into shares and these were possibly dumped by those who did the conversion.

There was renewed interest once more on RCE. It did well finishing at 92.5 sen for a 4.5 sen gain. Total volume was 14.2 million shares. I think the new parties are buying more of this counter because of the good results of 2006.

KPS added 2 sen to RM1.30 on a volume of 3.6 million shares. I believe this has to do with the article on the West Corridor Expressway which the consortium is bidding.

Metronic added 2 1/2 sen to 39.5 sen. From the trend, it seems there is sustained buying of this stock as the company is seeking permission from the Securities Commission to trade in the shares that had been placed out before the issuance of bonus shares and the subsequent transfer to the Main Board. From the agenda of the AGM,it looks like there will be no dividends to be given out this year.

Meanwhile Sports Toto lost 2 sen to RM 4.88 and POS was at its overnight level.

Market finished at a high of 1,372 with a gain of 2.8 points. Will this bring in new buying support tomorrow?

Heartsong

They have Got their Courage Back....

I think the fear of a prolonged spillover from the China market fall has abated somewhat since there is renewed buying support today particularly in the afternoon session. The KLSE Composite Index moved up 9.3 points to 1,369.59. The market leaders were DNP Holdings with a 77 sen jump to RM3.02 followed by Bursa with a 60 sen addition while Dutch Lady and Petronas Gas had 40 sen increase each.

Resorts World held steady at its overnight level of RM3.24 on a huge volume of 12.357 million shares while Genting upped 10 sen to RM8.05 on a volume of 5.7 million shares. We could see some revival on KPS which jumped 9 sen to RM1.28 on a volume of 3.7 million shares and RCE which put on 1.5 sen to 88 sen on a volume of 4.2 million shares.

Metronic was a sen better at 37 sen on low volume and POS was 4 sen better at 4.30. BJ Toto went up to RM4.90 for a 4 sen gain. 13 million shares were traded.

A very encouraging day. Hope there will be a resilient follow-through tomorrow.


Heartsong

See Saw Market

Today is reminiscent of one of those dog days again.

For no apparent reason, Genting went down 25 sen. Resorts was 4 sen better. Both counters were heavily traded though. RCE was 2 sen better at 86.5 sen. Looks like there is no more magic in RCE for the meantime. The same goes for KPS which chalked up only one sen. Metronic was overnight at 36 sen. However, BJ Toto shrank 6 sen to RM4.86

The index was 0.3% higher. In other words, the market sucks today.

Hope tomorrow can be a brighter trading day.

Heartsong

Another Uneventful Day

So the index is up by another 8 points in spite of the doom-sayers cry that we are in a major correction mode. The counters helming the rise are relatively unknown. A random walk, I suppose.

Genting went up 5 sen in spite all the good re-rating by fund analysts. Resorts was about 6 sen better while KPS chalked up 2 sen. RCE was 1/2 sen better at 85.5 sen. Altogether, another dull day at the bourse.

Quote of the Day:

"Don't talk unless you can improve the silence." Unknown

Heartsong