Ready for Some Long Suffering on the BSKL?

So, on cue from Wall Street, the Bursa puppy-dog moved up 14.98 points. There were the usual fund managers and big boys picking discounted blue-chips.

Genting recovered 75 sen, Bursa 35 sen and Maybank 20 sen. The question to ask: Will there be a strong follow through or another flash in the pan? Concerted action is needed to pull up the market from the fears and anxieties caused by yesterday’s fall-out. This is crucial if strong confidence is to return. A softer ringgit can work both ways. It will be good for buyers who are bullish on the ringgit. On the other hand, those lacking confidence on the potential strength of the ringgit will move out of our ringgit denominated market.

In the afternoon, it maintained its performance, ending up 13.93 points to 1,180.3, hovering about 10 points through-out most of the day. Genting ended up RM1 while Bursa was 25 sen better. Fund managers are hunting. Sweethearts Maybank and Dutch Lady put on 20 sen each. Volume was at 1.1 billion shares valued at RM 1.48 billion.

Prediction for tomorrow? As it is Friday, profit taking is likely. Hope the market can hold the gains it recouped today.

Quote of the Day:

‘Courage is being afraid but going on anyhow.’ Dan Rather

Heartsong