Tug of War

The market was lackluster all day long. With the lack of buying support, I believe we are going to have one of those days where we can presumably doze off or go for extra long coffee breaks.

At the final bell, it was Genting and BAT that saved the day shoring up the index to close 6 points up at 1,277.48. All other counters were a tussle and a wrestle between the bargain hunter and the reluctant seller.

Meanwhile, a report of ‘water-play’ in The Star should stir up some excitement. Both Aseambankers and TA Securities reported that imminent announcements on details and call for tenders for the Selangor-Pahang inter-state water transfer project will impact positively on counters such as Gamuda, Puncak Niaga, Kumpulan Perangsang Selangor and Hiap Teck.

KPS saw a Red Sea of sellers when trading begun. From an initial trade of RM1.26, KPS was shoved down to RM1.21 almost immediately. Thenceforth it floated lazily between RM1.22 to RM1.24 throughout most of the day, ending 1 sen up at RM1.24. Volume was 62,061 lots.

As tomorrow is Friday, I expect to see more see-saw action unless there is good news locally or abroad to bolster prices.

Quote of the Day:

“A smile confuses an approaching frown.” Unknown

Heartsong