Haze and Daze Trading Day

Afternoon profit-taking brought the CI down to 1284.14, effectively adding 10.21 points. General mood is buying for those who are anticipating the goodies coming from the Friday Budget speech. So the bargain hunters succeeded in bringing down some blue chips on the 100 company roll-call. Gainers thumped losers 585 to 277. Number of shares was a little short of a billion at 999 million shares worth 1.7 billion ringgits.

The gainers were Muhibbah with a mammoth gain of RM1.10 gain while Equine Capital stormed home with 67 sen. DNP added 40 sen and SPSetia got a similar amount. Losers were duty-free player DFZ, tobacco king BAT, cell-phone operator DIGI and property developer E&O. They lost between 16 to 54 sen.

Back to our shadow portfolio. Some good action by Resorts World adding 10 sen to RM3.90 while Genting tacked on 5 sen to RM7.40. AMDB added 2 sen to 43 sen on a volume of 80 million shares. RCE put on a sen to 81 sen. Metronic was quite hot today moving up half a sen to 17.5 sen. Welli remained unchanged at 97 sen but BJ Sports Toto tumbled 8 sen to RM4.90 after paying out 7.5 % dividend.

I believe the market is on the potentially on the starting block for a bull run and the smart alecs are collecting ahead of the September 7th Budget speech. Most of these buyers will be political parties and their financiers.

Last chance for them because elections is coming on April 2008.

Heartsong