A Lonely Walk

Bursa Saham KL is heading for the dumps. It will be a sad, long, lonely walk. Bargain hunters and weak sellers are making their presence felt using attrition to floor prices of most shares. I guess the market must be overpriced for them to let go that easily. Anyway, no pain, no gain.

Bursa went down 11.85 points putting the CI at 1359.85. Losers whacked gainers 711 to 164. Volume of shares was a billion worth RM1.6 billion. Still good. For the gainers, KNM upped 25 sen, possibly because of the surging oil price. Perstima got up from its sleep to post 22 sen. Hap Seng went up 21 sen and Magnum rose 20 sen. Leading the losers was state-owned Proton, falling 92 sen;followed by Digi losing 60 sen. IOIProp gave in, falling 50 sen while Bursa registered a decrease of 30 sen.

The portfolio was a disaster with Genting losing some 20 sen to RM7.65 followed by BJ Sports Toto losing 12 sen to RM4.86. Resorts fell 6 sen to RM3.64 while KHSB slipped 4 sen to 95 sen. Meanwhile, RCE fell 2.5 sen to 87 sen and Welli slumped further by another 2 sen to 71.5 sen. Looks like support price is 70 sen. Boring Metronic was unchanged at 17 sen.

The Dow future performed badly losing 110 points. This will not augur well for the Dow tonight, especially when oil prices touched a new high of US$ 99 per barrel on intra day trading on the Nymex. With Wall Street close for Thanksgiving tomorrow night, Bursa will be directionless on Friday.

May be good for Bursa.

Heartsong