Will the Market Hold Steady Today?

Today is the sixth day after the meltdown ended. As expected, market started hesitantly but slowly moved in plus territory with Genting, Resort and plantation stocks leading the way. There is no marked trend this early except for Guinness which lost 20 sen. Bursa is at overnight level but Maybank put on 10 sen.. It’s trending south at 9.35 am at 6 points from the opening 8 points.

Yesterday’s low volume will not augur well for today but I am of the impression that market will be range-bound and stable throughout the day with bouts of profit taking and nibbling here and there by fund managers and bargain hunters.

The afternoon session held steady when it started. Support was weak and towards the closing bell, most stocks finished off with marginal losses. The composite index was 1200.01 down 3.28 points

The market will likely be in the doldrums tomorrow, moving from side to side. It will move upwards once it can absorb all the selling pressure again.

Quote of the Day:

“Shared joy is a double joy; shared sorrow is half a sorrow.’ Swedish Proverb

Heartsong