High Noon

You think mat rempits are only found on the roads and highways? Think again... They are also found on the highways and bye-ways of Bursa KL.

So it is now the noon close and the CI have pole-vaulted literally over the 1500 psychological resistance level. What more need be said except that the combination of positive factors have found alchemy this morning! History has been made and a new CI territory has been charted.

So what are these factors, my friend? The ringgit factor-possibly if foreign traders believe the ringgit will move up substantially further against the US$ soon. The impending election-oh yes but not a necessary condition to move the CI. GLCs playing mat rempit. Definitely so with the money of the citizens in the hands of directed fun managers! Not fund managers. Retail players gambling on the strength of the market. Some, possibly. If it is a fund-driven market upheaval, then the trend is okay as the basis is solid and substantive. The chance of retreat is minimal. The volume and value is critical here.

The CI closed at 1518.55,up 26.89 points on heavy buying of blue chips. There were some speculative buying of lower liners and penny stocks but most lost their gains towards the end of the noon trading session. Gainers outstripped losers 494 to 268. Volume of shares changing hands was 1.04 billion with a value of RM 2.23 billion. Fronting the gainers were Commerz topping up 70 sen. This was followed by which tacked on 60 senWCT. Maybank added 60 sen while SPSetia took on 45 sen. Losers included SAAG which off-loaded 20 sen; IOIProp which slided 20 sen as well; Sprtizer which watered down 19 sen and Asiatic which went down 15 sen.

The portfolio was somewhat lousy. Genting added 15 sen to RM8.00; KHSB improved 4 sen to RM1.05; Resorts tacked on 2 sen to RM4.16 and RCE which managed a 0.5 sen gain to 90.5 sen. Metronic and Welli both fell 0.5 sen to 16 sen and 56 sen each. Meanwhile BJ Sports Toto was at its overnight level of RM5.15.

I believe the best is over for the day. The afternoon should see consolidation for the coming week.

Meanwhile, enjoy looking at beguiling Andrea..........

Heartsong

No Point!

So, the CI shot over the moon again, touching 1513 by 10.30 am.

Is this a meaningful phenomenon or it is just statistical self gratification?

We all know, that this is a wag the dog stuff and spin by the GLCs and friendly fund managers to show the world that there is more upside to play the blue chips particularly plantation stocks and O&Gs.

Until the second liners and penny stocks starts to move meaningfully to reflect their fundamental strength (especially those on Second board and Mesdaq), the new CI heights created daily would not mean a thing to the main in the street!

Like a baby as shown above, the small and new investors will sleep as the blue chips romp home on a syiok sendiri course!

Heartsong

Lethargy

After a gung-ho buying spree yesterday and this morning, droopy eyed Bursa is on siesta mode now. most prices have come down and there is little bargain hunting going on. In less than half an hour, market will close for the Awal Muharam holiday tomorrow and will resume on Friday.

We all know that the last trading days were blue-chip driven. As the buyers were GLCs and fund managers,there would not likely be panic sellers nor bargain hunters to drive prices down. So the CI is at best, artificial and is no indicator of market forces per se. Moreover, the RM40 minimum brokerage charges continue to be a dampener for lower priced stocks and these are not moving in tandem with their gilded cousins.

At the close, the CI rose 1.92 points to 1491.66. There were 506 gainers compared to 340 losers. Volume of shares traded was 1.64 billion worth RM3.36 billion. The gainers included Chin Teck which rose 50 sen and Bursa, Sime Darby and United Plant which rose 30 sen each. Commerz lost 40 sen and Gamuda, Boustead and SAAG gave up 20 sen each.

The portfolio was as dull. Genting added 10 sen to RM7.85; Resorts improved 10 sen to RM4.14; Metronic tacked on a sen to 16.5 sen. Elsewhere KHSB declined 2 sen to RM1.01 while RCE was unchanged at 90 sen. Welli was down 0.5 sen to 56.5 sen BJ Sports Toto lost 15 sen to RM5.15.

Happy holidays.

Heartsong

One Tough Cookie!

So Bursa has finally come of age. Shrugging a dismal Wall Street performance, it moved on its own steam. Call it whatever you want-the ringgit factor and foreign funds or is it the ramped-up action of the GLCs to signal the forthcoming general elections.

The CI was up again to a new high of 1492.60, up 2.86 points. Gainers were slightly ahead of losers 361 to 338. Volume continues to be good at555 million shares with a value of RM1.41 billion. The gainers were lead by Chin Teck tacking on a 45 sen agin;LCL adding 40 sen;Bursa gaining 30 sen and PPB upping 20 sen. Losers included Gamuda which lost 20 sen along with BKawan while Boustead and F&N decreased 15 sen each.

The portfolio was so-so. Genting moved up 15 sen to RM7.90,Resorts World added 6 sen to RM4.10;Metronic added 0.5 sen to 16 sen but KHSB surrendered a sen to RM1.02 while RCE was off 0.5 sen to 89.5 sen. BJ Sports Toto lost 5 sen to RM5.25 while Welli declined 1.5 sen to 55.5 sen.

Will Bursa continued with its stance this afternoon?

Heartsong

Bursa is pushing the envelope!

The current of buying was tremendous-hammering blows onto the CI. Buyers were swarming the market buying off this and that. Maybank is today the darling stock! Just like Sunny above, who is our darlingest! CI went into a new high at 1489.74, up 18.97 points. Gainers were miles ahead of losers 597 to 245. Volume of shares traded was extraordinarily large at 1.25 billion worth RM3.076 billion,thanks to Maybank.

Maybank CA added 92 sen, Maybank upped 80 sen while DFZ-PB moved up 74 sen and Bursa shot through adding another 70 sen. Losers were Nestle and BAT which slipped 25 sen each while PPB and KLK lost 20 sen each.

The portfolio followed the crest of the buying wave. Resorts added 10 sen to RM4.04,Genting notched up 10 sen to RM7.75;BJ Sports Toto improved 5 sen to RM5.30,KHSB added 3.5 sen to RM1.03 and RCE was 3 sen better at 90 sen. Welli was good with a 2 sen gain at 57 sen and Metronic finally added 0.5 sen to 15.5 sen.

A good day in spite of a marginal Dow.

Heartsong

Garang Sekali!

Just like our beauty above, Bursa is garang sekali! It climbed to new heights again by adding 7.3 points pushing the CI to1478.07. Gainers galloped away at 406 compared to 301 losers.Volume was 555 million shares at RM1.260 billion. Good numbers! Lee Kuan Yew's statement that the Malaysian economy will be steaming along in 2008 supported Bursa!

Maybank finally moved up. Its CA warrant upped 58 sen while its mother share took on a gain of 50 sen. Digi zoomed up 70 sen while Kulim took off with an increase of 55 sen. Losers were Nestle dropping 25 sen and IJM-WB, Sime Darby and KLK losing 20 sen each.

Portfolio was good. Resorts added 8 sen to RM4.02,KHSB topped up 1.5 sen to RM1.01,RCE moved up 2 sen to89 sen and Metronic was 0.5 sen better at 15.5 sen. Genting was unchanged at RM7.65 but BJ Sports Toto slided 5 sen to RM5.20. Welli fell by 1.5 sen to 53.5 sen.

I expect the afternoon to be steady.

Heartsong

The Viagra Spillover!

Bursa is a real toughie! It has broken new highs again. By the close, it upped 4.1 points to 1470.77. Gainers were however no match for losers at 312 to 484. Volume was at a good 926 million shares worth RM2.03 billion.

The leader of the day is the indisputable Kulim which zoomed away with a RM1.05 gain while Kulim-WB was five sen away with RM1 gain. KLK, another plantation monolith rose 60 sen and Pacmas was better with a gain of 42 sen. Losers were Parkson which lost 55 sen;Digi which got eroded 50 sen; Pelikan writing off 32 sen and SAAG slipping 30 sen.

The portfolio was okay with KHSB leading the gang by 8 sen to 99.5 sen, BJ Sports Toto added 5 sen to RM5.25 while RCE was 1.5 sen better at 87 sen. Resorts was better by 2 sen to RM3.94 while Metronic was frozen at 15 sen. Welli slipped 0.5 sen to 55 sen. Giant Genting took a 10 sen loss to RM7.65.

Will we see a good Dow tonight?

Heartsong