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

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

Rejoice and Be Glad

If God is with us, who can be against us?

And that about sums up the spirit of the day at the Bursa. After a over cautious opening, the market tripped upwards. Finance counters first attracted fund managers especially Maybank. Slowly the buying interest spread to other financial institutions like insurance. Then it was blue chip corporates and construction stocks. The bulls have come back, a little late. But better than never.

The situational second liners, as usual, ran ahead, picking up gains on heavy buying by retailers. Most closed at the highest of the day especially KPS, KHSB, JAKS and RCE. At the end of trading day, the CI finished off best at 1307.17 , up 17.04 points. The volume of shares traded was 1.189 billion valued at 1.73 billion ringgits. Gainers led losers 850 to 104. Among gainers were Muhibbah which clinched 65 sen;Sime Darby upped 60 sen, LPI rammed home with 50 sen, Naim with 50 sen as well and SAAG with 40 sen. Losers were MPI,Tanjong,Opus and Digi.

Shadow portfolio analysis.

Yes, as expected all gained but Genting, Resorts and Metronic were off-best.

Genting(RM7.60), Resorts(RM3.96), BJ Toto(RM4.96) and Welli (RM1.12) added 10 sen each. JAKS jumped 9.5 sen to 91 sen, RCE hopped up 8 sen and Metronic managed a 0.5 sen gain to 19.5 sen.

With God's blessings, grace and mercy, Wall Street should perform tonight and we can then see good market action on Bursa tomorrow.

Amen.

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

An Anaemic Response

Well, I am proven correct again. Bursa is still extremely weak as the excesses are removed from its system. Until it is adequately cleansed, do not expect Indiana Jones performance.

And what are these excesses? Who caused it?

Intrinsically, the CI is to be blamed, it has too few counters, just like the silly Dow index which has 30 stock counters. This should be reviewed to include more counters. Secondly it must be more representative. If Dow is, then Bursa isn't because Dow can really go up and down but Bursa's CI can only go down like gravity.............

Who caused it? GLC fund agencies and local mutual funds that's who; pushing it sky-high to compensate for lost time to catch up with other global markets and in the process overdoing it. Other than the 100 stocks in the CI, the rest hardly moved except for situational stocks.

This morning, it moved up about 9 points but slowly it faltered. It is now at 1294.98 up 4.85 points. Some buying of finance stocks are noted. Moderate rise; no rebound. Second liners spurted and spluttered downwards losing half of their gains.

Volume of shares traded was 290,000 lots valued at 4.2 billion. Gainers were ahead by 414 to losers-235. Taking the lead in gainers were BAT with 75 sen, Maybank;20 sen and Genting and Gamuda; 15 sen each. Losers included Opus down 32 sen, Tanjong declining 30 sen as well and KNM; 20 sen.

Shadow portfolio:

Genting- good-went up 15 sen

Resorts added 4 sen to RM3.90

RCE tacked on 2.5 sen to 85 sen

JAKS added 1.5 sen to 83 sen

Metronic added 0.5 sen to 19.5 sen

BJ Toto was at iits overnight level of RM4.86

Welli bottom fished at RM1.01 losing one sen.

Do not have high hopes for the afternoon trading session unless some miracle happens.

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