Dead-beat Bursar

As anticipated, Bursa wallowed, slipped and swallowed mud. The CI was brought further down to 1271.71 points by mid-day, losing 6.63 points. Losers overwhelmed gainers 532 to 139.

What is bad is volume has indeed shrunk, this time to 285 million shares worth RM424 million.

Eyeballing the figures, we have lost almost 45% of volume and something like 50% of value. Sad case bursa. "Don't play...play...OK?" warned Phua Chu Kang. How true it now rings! Policy makers who do not know the market should not recommend RM40 minimum for transactions on bursa. You have scared both big and small investors away three months before the dawn of 2008 when the new charge was to be implemented. All right minded investors are unwinding their positions. Rasa pedih, kan?

The gainers this morning were BLand upping 22 sen. KLK adding 20 sen. SAAG jumping up 20 sen and Nylex moving up 10 sen. Losers were giants IOIProp which dropped 40 sen;Kramat declining by 35 sen;UMW sliding 30 sen and BAT which went down 25 sen.

The portfolio saw absolutely no gainers. Even Welli turned turtle and lost 6.5 sen to 99.5 sen.BJSports Toto dropped 2 sen to RM4.88 while Genting and Resorts were unchanged at RM7.50 and RM3.78 respectively. Penny stocks were a little banged up at first but most recovered towards the clsoe. KHSB lost 1 sen to 83 sen while JAKS, AMDB and RCE all lost 0.5 sen to 78 sen,37 sen and 81 sen respectively. Metronic remained unchanged at 16 sen.

Do not expect too much in the afternoon. However, market might just break the losing streak and rise bringing speculative stocks running upwards.

Heartsong