Not Out of the Woods..............After a dog-day of slow, plodding trading, CI finally lost only 8.21 points to 1371.70;having halved its earlier losses. Losers strangled gainers 520 to 286. Volume was okay at 1.22 million valued at RM1.63 billion. Still positive;better than yesterday.
Looking at the gainers, we see The Store still sticking to its gains of 22 sen all day long. BHIC and WCT added 20 sen each while EONCap notched up 15 sen. Digi fell big time on the announcement by the Communication Minister that action could be taken on those trading 3G licence. It lost RM1.20. IOIProp slided 50 sen while dropped 50 sen as well.KLK Bursa slipped 40 sen. I expect Digi to free-fall again tomorrow.
The portfolio got back some life. BJ Sports Toto added 10 sen to RM4.98 while gaming compadre, Genting recovered 5 sen to RM7.85. Resorts World added 4 sen to RM3.70 while KHSB notched up a sen to 99 sen. Welli fell 2.5 sen while RCE was down 0.5 sen to 89.5 sen. Meanwhile, Metronic turned into wax work and remained in suspended animation at 17 sen.
What worries me is that Welli is not bottoming up. It is stuck and sinking further into the abyss. It may be a bit late to cut loss but if you think that this will be the trend until the AGM in December, then it may be better to cut loss and stay at the sidelines until they have cleared the accounts receivable issue. If 80% of the accounts receivable are taken out and are not included in the audited report;then Welli may touch a new bottom. Fear is the key for your action here, especially as Welli is a second boarder!
The Dow is up 57 points in early trading but I doubt it is sustainable. If it ends in positive territory,it may well be a bear trap on Thursday as those investors on Wall Street can be real data freaks and will shiver at mere shadows. They are that fickled and may sell down their stocks to the Mississippi delta.
The best advice to readers-if you can, slowly extricate your self from Bursa.
Heartsong
Looking at the gainers, we see The Store still sticking to its gains of 22 sen all day long. BHIC and WCT added 20 sen each while EONCap notched up 15 sen. Digi fell big time on the announcement by the Communication Minister that action could be taken on those trading 3G licence. It lost RM1.20. IOIProp slided 50 sen while dropped 50 sen as well.KLK Bursa slipped 40 sen. I expect Digi to free-fall again tomorrow.
The portfolio got back some life. BJ Sports Toto added 10 sen to RM4.98 while gaming compadre, Genting recovered 5 sen to RM7.85. Resorts World added 4 sen to RM3.70 while KHSB notched up a sen to 99 sen. Welli fell 2.5 sen while RCE was down 0.5 sen to 89.5 sen. Meanwhile, Metronic turned into wax work and remained in suspended animation at 17 sen.
What worries me is that Welli is not bottoming up. It is stuck and sinking further into the abyss. It may be a bit late to cut loss but if you think that this will be the trend until the AGM in December, then it may be better to cut loss and stay at the sidelines until they have cleared the accounts receivable issue. If 80% of the accounts receivable are taken out and are not included in the audited report;then Welli may touch a new bottom. Fear is the key for your action here, especially as Welli is a second boarder!
The Dow is up 57 points in early trading but I doubt it is sustainable. If it ends in positive territory,it may well be a bear trap on Thursday as those investors on Wall Street can be real data freaks and will shiver at mere shadows. They are that fickled and may sell down their stocks to the Mississippi delta.
The best advice to readers-if you can, slowly extricate your self from Bursa.
Heartsong
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