Sinking Feeling!

The GLCs are a queer lot. When the market is ripe for the picking, they desert it. That speaks volumes for GLCs and their management quality. Meanwhile, foreign funds are selling. Some may be swapping counters to plantations and O&G.

Looking at today's fall, most of the counters that contributed to the fall were GLCs themselves. Bursa was the biggest kingpin to fall, taking a rap on the knuckles from Citigroup's adverse recommendations. CI fell to 1384.73, down 12.75 points. Gainers were rubbed out by losers 181 to 774. What is assuring is volume of shares traded continues to be good at 1.35 billion shares worth a note-worthy RM1.7 billion.

Losing big time was Bursa, which was hit by selling pressure. It fell 80 sen. Petra, similarly, fell by 45 sen followed by Dutch Lady registering a 30 sen drop. Tanjong was off 30 sen as well.

The shadow portfolio was uneasy at best. Except for Genting which managed a 5 sen gain to RM8.15 and KHSB which inched up 0.5 sen to 95 sen,the other six counters were losers. BJ Sports Toto declined 6 sen to RM4.94, Resorts dropped off 4 sen to RM3.70 while RCE gave up 2.5 sen to 92.5 sen. Metronic was 0.5 sen off at 17.5 sen while Welli slumped to a new low by falling to 86.5 sen.

Dow will be the determiner tonight if Bursa will sink like the Titanic or rise like a phoenix!

Before leaving the blog, look at alluring Addison. That is a million dollar smile!

Heartsong