ALL SOULS' DAY

At 7 am, I was on the NVKE Highway heading for Malacca. There were some dangerous stretches after Senawang because of road-works. I almost had an accident when two cars which were racing each other almost bumped me as two lanes merged into one. Fortunately, I managed to move onto the outer lane before any mishap could happen. Very careless of these irresponsible road users.

Reached Malacca at 9 am and had my breakfast of Malacca chili-style kan lor mee and a cup of hot teh o. Met my elder brother from Seremban and together, with my father, two sisters-in-law and two nephews we convoyed to the Jasin Methodist Church Cemetery off Simpang Kerayong to perform our annual Cheng Beng rituals.

We unlocked the cemetery’s gate and proceeded to clean the graves. Grasses and weeds were removed and my dad used white cement to repair the grave-stones of my grandad, grandma, my brother Donny and a nephew, Ah Hai. Daddy said his prayers in Hainanese at all 4 graves before departing for lunch in town.

I ferried my daddy, sister in law and a nephew back to Malacca before setting back to Petaling Jaya. On the way, I stopped at the Dengkil Rest area and bought the famous Hj. Samuri Kajang satay as dinner for the family.

For me, this Cheng Beng was an opportunity to meet my father as I could not go home for Chinese New Year.

That ends another annual visit to the graves to pay my obligatory respects to ancestors and dear departed members of the family.

Quote of the Day:

‘The family is a haven in a heartless world.’ Christopher Lasch

Heartsong

ALL SOULS DAY

At 7 am, I was on the NVKE Highway heading for Malacca. There were some dangerous stretches after Senawang because of road-works. I almost had an accident when two cars which were racing each other almost bumped me as two lanes merged into one. Fortunately, I managed to move onto the outer lane before any mishap could happen. Very careless of these irresponsible road users.

Reached Malacca at 9 am and had my breakfast of Malacca chili-style kan lor mee and a cup of hot teh o. Met my elder brother from Seremban and together, with my father, two sisters-in-law and two nephews we convoyed to the Jasin Methodist Church Cemetery off Simpang Kerayong to perform our annual Cheng Beng rituals.

We unlocked the cemetery’s gate and proceeded to clean the graves. Grasses and weeds were removed and my dad used white cement to repair the grave-stones of my grandad, grandma, my brother Donny and a nephew, Ah Hai. Daddy said his prayers in Hainanese at all 4 graves before departing for lunch in town.

I ferried my daddy, sister in law and a nephew back to Malacca before setting back to Petaling Jaya. On the way, I stopped at the Dengkil Rest area and bought the famous Hj. Samuri Kajang satay as dinner for the family.

For me, this Cheng Beng was an opportunity to meet my father as I could not go home for Chinese New Year.

That ends another annual visit to the graves to pay by obligatory respects to my ancestors and dear departed members of the family.

Quote of the Day:

‘The family is a haven in a heartless world.’Christopher Lasch

Heartsong

Has KPS Cross the River Jordan?

After yesterday near debacle at the hands of the bears, Bursa needs a shot in the arm today. Are the bulls ready to lock horns and ram down the nasty bears? Or are they full of ‘bull’ themselves?

Outsiders have taken the lead for the past two days. The bulls should make their presence felt. Fund managers should look at the big picture. They must know the market will have hiccups off and on. Avoid looking for 'needle in the haystack' speculative explanation why the market is up one day and down the next. Look at fundamentals. Play the market according to your own rules. Play medium term.

So today, the index gained 10.98 points to 1, 246.87. With regards to KPS, the rumour in the market is that the Selangor State Government is actively negotiating water rates with the Pahang government. Also, the MB of Selangor did mention in a news item that the Federal government is talking to the Japan Bank of International Cooperation on the billion dollar water development loan. If all goes well, KPS should grow strong and fat in price before the middle of the year. The other rumour is the KPS consortium has clinced a stake in the privatisation of the West Coast Highway. Both these rumours need confirmation .

The New Straits Time’s resident chartist gave his comment today that KPS needs to consolidate before moving upwards. He gave the trading band up-limit at 1.27 before it could go higher. I believe he may be right here. The indigestion by weak holders and speculators was already showing when trading resumed in the afternoon.

Well, it looks like the NST chartist is right. By closing bell, KPS shares slumped to RM 1.22. I believe a new foundation is being built at the RM 1.20 level and bargain hunters have brought down the price from weak holders by the closing bell. I hope my reading is correct. The rate KPS's price fall from a high of RM1.42 to RM1.22 must certainly have create great agony and fear in the many who bought into KPS today. This will dampen KPS‘s price for a while before it can break new ground. I think it is accumulation phase for KPS in the next 5 trading days.

For whatever reason the stock has been going up, be it the highway or the waterworks project, my thinking is this: to mobilize itself for either project, I believe KPS has to raise capital through a rights issue. It may also be giving some convertible warrants as sweeteners. To my mind, KPS is not a churned up counter without any basis. It should go beyond two ringgits if it wants to go for a rights issue at RM1.00 per share soon.

A new week awaits on Monday. Will we see many April fools even on the second day of April?

Quote of the Day:

“The more you complain, the longer God let you live.” Unknown

Heartsong

Rock-A-Bye Bursa

The market was suffering from low energy syndrome. Yesterday's poor finish made everyone morose and lethargic. No one was in a buying mood. Sellers dominated the market from the opening bell. It looks like fund managers will need crates of Red Bull to rejuvenate their strength today. That is the most apt description of market today.

As the trading day proceeded, most counters were like hogs, wallowing in think red numbers. Even the strong counters caved in. Seems those who bought into Resorts and Genting were having indigestion and needed ENO.

After languishing for most of the day, the index finally went into positive territory at the close. It closed at a paltry 0.65 to 1,235.89 but we should be happy for that. Tomorrow is Friday again and we really hope the market will get up and go. Two days of rest yesterday and today is more than adequate,my friends!

Except for Resorts World, most of the market leaders today are new. We have such outsiders like Negara, SAAG and BIMB hogging the limelight. A breath of fresh air, however, came in the forms of KPS and KHSB which appeared on the radar screen in the afternoon with huge gains. KPS and KHSB both tacked on 28 sen.

So how much do you think KPS will go since it made a triple jump today? There must be some fantastic corporate rumour out there (that I do not know as yet) that is propelling KPS from a mere 70 sen on Monday to RM1.17 today. The appearance of KHSB is another indicator that it has something to do with the Selangor State government. It must be that gigantic Pahang-Selangor waterworks project getting the green-light!

Will KPS and KHSB be the darling Clementines tomorrow? Together, let us watch them perform tomorrow.

Quote of the Day:

"A dress is like a barbed wire. It protects the premises without restricting the view. " Unknown

Heartsong

Pos Malaysia Berhad

If the Annual General Meeting on 3^rd April 2007 passes all the resolutions brought before it, Pos Malaysia & Services Holdings Berhad (PSH) will be restructured and a new creature will take over its listing status. The new entity will be known as Pos Malaysia Berhad (PMB). The circular to shareholders indicated that the restructuring is aimed at providing direct exposure of shareholders to PMB, the main operating vehicle; apart from achieving greater operational efficiency.

Through this corporate exercise, shareholders will receive a capital repayment of RM1.50 per share and be offered a lot of PMB shares. So is this a good deal?

PSH has been giving out quite a fair bit of dividend since 2003. In 2003, it declared a dividend of 4% less 28% tax for year ending December 2002. In 2003, it gave out a dividend of 5% less 28% tax for year ending December 2003. PSH became generous and declared a dividend of 7.5% less 28% tax for year ending December 2004. For year ending December 2005, PSH declared a final dividend of 10% and a special dividend of 5%. No dividends have been declared for year ending December 2006.

The trading profile for PSH for the year 2006 and 2007 is normal. The highest price it attained was in November 2006 when it touched RM5.60 and the lowest was in May when it sunk to RM4.06. In 2007, the highest price was RM5.05 while the lowest was RM4.20. It is not a punter’s stock. Today (29 March 2007), it is trading at RM4.74.

At this price, with the capital return of RM1.50, the adjusted price will then be RM3.24 – fairly priced to attract investors to this counter especially those funds intending to procure GLC interests in Malaysia. PMB should be able to maintain its dividend payout.

Is PMB worth holding on to after the restructuring?

If you put RM3, 240 into a fixed deposit, it should bring you an interest income of RM 119.88 per annum. Let us assume PMB pays out a yearly dividend of 7.5% minus 27% tax. That will mean the dividend income accruing to you will come to RM 54.75 net tax. This is a loss of RM65.13.

Assuming there is a capital gain of about 10%, then we can factor in RM324 and add the potential dividend of RM54.75 bringing in a return of RM 378.00. If this is the scenario, then it may be worthwhile to hold on to the stock. Otherwise sell it on strength and wait for a good opportunity to buy into better dividend paying stocks.

Quote of the Day:

“Patience with others is Love, Patience with self is Hope, Patience with God is Faith.”
Adel Bestavros

Heartsong

Downhill Racer

After closing on weakness yesterday, market went slaloming downwards from the word “Go!” this morning.

Most market leaders were comatose all day long except for Resorts World which added 70 sen at the close. The news that Genting has bought over Singapore’s interests in Star Cruises and Casino could have buoyed this stock. Maybank perked up 10 sen while penny stock KPS moved up 7 sen to 89 sen on a historical volume of 150,000 lots at the close. Almost every other blue chip turned crimson red and headed south.

It was a dog day afternoon trading session. Loses were marginally reduced when the market closed at 1235.24, down 11.93 points.

Tomorrow is Thursday and I believe buyers may come in the afternoon if the first session remains weak.

Quote of the Day:

“Never tell people how to do things. Tell them what to do and they will surprise you with their ingenuity.” George Patton

Heartsong

Berjaya-Sports Toto – The Dividend Titan

This is one great stock. It pays dividends aplenty throughout the year. For a 10 sen share counter, it is truly generous.

Throughout the bull-run, its price hardly advanced, straddling the RM4.60 to RM4.98 range.

When the bears came, it went down to RM3.98. When the tide turned, it was back to its pre-sell-down price of RM 4.78. Majority shareholders buy-ins plus Treasury buybacks propped back the counter. It is as if, nothing has happened!

Yesterday (26 March 2007), it went ex on a 3^rd interim dividend of 12.5 %. The price was adjusted to RM4.64 and by 12.00 noon today, it still at its ex-price. Don’t you agree it is one great stock? Expect it to go back to RM4.80 soon.

I believed, in a sense, it is a cornered stock. The free-float in the market appears to conform to regulatory requirements but because of market dynamics, the free-float is no longer there. Many shareholders are actually locking up the stocks as ‘pension money’ and no longer trading on it. They are now merely happy recipients of dividends. As such, the majority owners and the Treasury now have free rein. They will operate to ensure the stock is at a price they are comfortable with. If it fell badly, buying starts and the moment there is increased demand; the shares are sold to meet the appetite of buyers.

If you have bought this stock in 2005, you would have received dividends and capital repayment. Let us worked out how much you would have gained if you had bought the stock at RM4.20 then, some months before the first capital repayment of 50 sen in 2005.

You would have to spend RM4,200 as start up capital. There were two capital returns and that means you would have received RM1, 000 back. The balance of your investment will now be RM3, 200.

For the years 2005-March 2007 period, you would have received RM235.00 of dividends in 2005; RM510.00 in 2006 and RM250.00 so far for fiscal year ending April 2007. That will come out to about another RM990. We can expect a final dividend of another 12.5 sen before the end of fiscal year 2007. If that comes true then you would have received RM1,115 as dividend for fiscal year April 2006-April 2007. The balance of your initial investment will now be at RM2,085.

Suppose you decide to sell it now, you will get a capital return of RM2, 565. Therefore approximate return to capital from investing two years in Berjaya Sports Toto is about 17% after tax per year. This is great when you compare it with the current low bank interest of 3.7%

Quote of the Day:

"The foolish man seeks happiness in the distance; the wise grows it under his feet."James Openheim

Heartsong

The Lotus Eaters

Myth has it that Odysseus and his men, on their journey home to Greece, stopped at an unknown island and partook of the seeds of the lotus plant. After consuming the seeds, the men appeared drugged, grew idle and refused to work.

That is exactly the situation at Bursa this morning. After a wild and heady week-end, fund-managers are now in a stupor; behaving like lotus eaters. The market is in deep sleep and the devious sirens are singing down the prices.

By 3.50 pm. the index was at 1,244.59 down 0.27 points. Loser outnumbered winners more than 2 to1.

Question is: Have we run out of steam? Or are we at the crossroads because fund-managers are rebalancing their portfolios?

BAT and IOICorp led the gainers indicating the presence of some fund managers buying on their fund mandate. Otherwise, the darling stocks of the Bursa like Genting, Bursa and Resorts World are all sound asleep like lotus eaters.

As I am tracking KPS, it hovered at about overnight level in the morning before arousing from sleep at noon to pick on 1 sen. However by afternoon, it jumped 10 sen to 82.5 sen. It ended for the day at 82 sen. Volume is at its historical height of 99,000 lots.

So who are picking up KPS in such huge tranches? EPF, PNB, Khazanah? Or have Standard and Poor re-rated KPS on the latest debt conversion into Cash-band shares? Something concrete on the Pahang-Selangor Water project finally? Visit Malaysia year and KPS hotels?

I guess it is speculative buying mostly. So expect some profit taking in the next three days before KPS can move up again. The way I see it, bearing unforeseen circumstances, KPS will touch par by mid-April 2007.

My comments: With the composite index at 1,247.27-up 2.85 points, we are setting a launch pad for the next move up. The next psychological level to move up to is 1,260. Market will move up a few points tomorrow.

Quote of the Day:

“Smiling is my favorite exercise.” Unknown

Heartsong

Mumbo-Jumbo

Believe it or not, it happened-right in front of my eyes and those of forty other students.

I was in upper secondary school and there were only two classes in Form 4. It was a boys’ school and at that time; not a school of repute. I was in the Arts class, where all the riff-raff was placed. As such, except for physical education period, sports day and school holidays, school was nothing to look forward to for the majority of my classmates.

One fine day, I heard a lot of whispering at the back of the class. Rahman with the pop- star hairstyle of yesteryear and Daud were plotting something. In fact, they were trying to show their Chinese classmates that they know black magic. This day, they will show that it worked and they were masters in the dark arts.

We had two period involving lady teachers. I would just call them Miss S and Miss T. Miss S was our Geography teacher-very lively and animated with a cheeky, toothy smile. She loved to wear tight mini-skirts and the boys would swoon with delight every time they see her in that hip-swinging outfit.

Miss T, on the other hand, was a more classy and statuesque lady with a fine dress-sense. She was more serious and she gave one of the sexiest smiles this side of the world when she responded to some silly rib-tickling wise-crack in class now and then. Perhaps I should correct myself here and include a proviso that the boys were also looking forward to see these two teachers on the days they come into class. They were certainly more interested in ogling at them than hearing what these two teachers have to say.

On that fateful day, Miss S came in first to teach Geography. As usual, she was beaming with delight. She was most animated and she moved around the class a lot. Then we saw Rahman and Daud both rubbing some black pepper seeds and chanting in tongues. In less than 5 minutes, we saw Miss S, rubbing her right leg onto her left almost continuously. She was certainly in some kind of sexual arousal. Slowly, a wet patch appeared on the tight mini-skirt on the part covering her “privates”. Within a few minutes, she excused herself and went to the ‘ladies’.

The same thing was to happen to Miss T but she was more aroused as we could see the glazed eyes and the continuous twitching of her full red lips. The watery patch that appeared in the self-same place was even much more larger and visible. Tactfully, she took out some tissue paper, excused herself and left for the ladies. Very lady-like.

So believe it or not, black magic works. So, don’t be a doubting Thomas. As the Bible says, there are “powers and principalities” out there everywhere….Only the sweet blood of Jesus can help save you!

Quote of the Day:

"Attitudes are contagious. Are yours worth catching?" Dennis and Wendy Mannering

Heartsong

Trekking KPS

As the trading volume of KPS continues to balloon upwards, I thought a little tracking of the price and volume will help to give us a clearer picture of the potential of this counter.

A counter that was ‘bleeding blood’ for a long time and with all kinds of civil suits against its subsidiaries, KPS proved itself to be a resilient stock. As it is the implementation arm of the Kumpulan Darul Ehsan Berhad (KDEB), a state-leveled Khazanah twin, KPS will be given all the construction and engineering works for most projects awarded by the Federal or State Governments to KDEB. The gigantic waterworks project transporting water from Pahang to Selangor is the project that will propel KPS into national prominence. It is similar to UEM being awarded the PLUS project. To add more cream to the the potential of KPS, Perak State has just offered water to Selangor as well. That will be another large project for KPS. KPS was also re-rated by Standard and Poor on 3 Jan 2007 when it upgraded KPS to a strong buy from 43 sen up to 56 sen.

On 22^nd March, the Securities Commission approved the conversion to shares of the debts owing to KPS from Kumpulan Hartanah Selangor Berhad and Templar Park Golf and Resort Berhad (TPGR). With that, KPS will now own RM185.6 million shares in Cash-band, a new special purpose vehicle of Kumpulan Hartanah Selangor Berhad with assets such as the 99-year leasehold land (where the KPGR clubhouse and facilities are situated) and the TPGR Clubhouse; 100% equity in Perangsang Hotels and Properties and 49% interest in KDE Recreation Berhad. As such in one deft move, debts owning to it have now been converted to positive assets for the company.

During the period 19^th December to date, the highest price attained by KPS was 75 sen. The lowest price was on 19^th December 2006 when KPS touch a low of 38 sen. In terms of volume, the highest volume ever traded was 36,700 lots on 19^th January 2007. Volume was heavy on 16 February (28,000 lots) and 22^nd February (29,000 lots) and again on 22^nd March (26,000 lots) and 23^rd March (32,000 lots). Today, KPS touch a high of 73.5 on a volume of 30,772 lots. At the close, KPS tacked on 2 sen to 72.5 sen.

I believe KPS is being re-rated by interested parties. During this period, there was also no buy-back from KPS’s Treasury. Earning per share is consistent at 3.7 sen for years ending 2005 and 2006. KPS should be getting their accounts audited soon and perhaps they will also announce a good dividend to please their loyal shareholders this time around. Kumpulan Darul Ehsan Berhad holds 235,511,694 shares in KPS as at the end of 2006. This amounts to a minority share-holding of of 5.4% interest in KPS. EPF has a also a minority interest in KPS.

Quote of the Day:

“Never be afraid to sit awhile and think.” Lorraine Hansberry

Heartsong

Stroll in the Park

Today is an atypical day of the 2006 Bursa before the November burst out. Lethargic and taking a stroll n the part. Fund managers are on long coffee-breaks. Mutual fund managers particularly are sorting out to rebalance their portfolios since they can buy 20% more stocks abroad.

What will they sell since they have to withdraw from some stocks on the Bursa? For banking, it could be possibly be only hold Maybank or CIMB. They would have to reduce their holdings in the other banking stocks. Engineering-possibly, they will stay put in UEM world. This rebalancing will put a brake on the market advance somewhat. For retailers, they have just no motivation to take positions until clearer signals can be sighted.

Market started with about 4 points gain to 1,239.88 and touched the new psychological support level of 1,240points at 11.50 am. From now onwards, let us sit just sit pretty and watch how it will pan out today.

Indicators today; Genting and Dutch Lady in minus territory. IOIProp, KLK and Gamuda are the leaders.

My reading for today. Fund managers are still digesting the abolition of the RPGT and the perks given to investors in the Iskandariah Development Region. However, do not expect much positive development in the short run.

Quote of the Day:

“If you want to be happy, be.”Leo Tolstoy

Heartsong

Mirror, Mirror on the Wall

Who is the fairest of them all? And the answer --- Dutch Lady.

The company started as Dutch Baby originally and changed its name to Dutch Lady in 1985.

I remembered being sent to the provision shop by my mother to buy a can of condensed milk way back in the halcyon years of 1960’s. It’s either the Blue Cross or Dutch Baby. Blue Cross is no more but Dutch Baby changed name and is very much alive today.

Dutch Lady Milk Industries Berhad (Dutch Lady)’s principal activity is the manufacturing of sweetened condensed milk, milk powder, dairy products and fruit juice drinks for distribution in the home market and for export. The Company operates principally in Malaysia.

Dutch Lady has been a darling stock of fund managers. From below RM5 in 2005, it has generated interest to move up to RM14 in 2006. Today, it is sitting comfortably at RM11.70. Capital gains have more than doubled and dividends have been good.

Even if you have bought it in 2005, the returns are still good. RM600? of dividends for expanding RM5, 000. About 8 % return to capital-better than bank rate any time and with capital gain to boot.

Dutch Lady make not do well as in 2007 as forecasted because of the rise of world prices in its raw materials but it will certainly give fair returns and fund managers will still find it attractive. When the market dips and weak sellers appears, their shares will always be snapped up by the closing bell of trading day.

Even the bad fallout of this Chinese New Year and the dip caused by the sub-mortgage fiasco in the United States recently failed to dampen the appetite of fund managers. Within 6 days Dutch Lady was back at RM11.80 .Right now, it is still cum final dividend of 10% and buyers are still eying the stock hoping to buy in on market weakness.

Watch this stock!

Quote of the Day:

‘Trust your hunches. They're usually based on facts filed away just below the conscious level.’ Joyce Brothers

Heartsong

Will KPS Fly High in 2007?

The abolition of the Real Property Gains Tax has been announced and will take effect from April this year.

For whatever it is worth, since I have wrtiten this blog entry, I must as well post it.

Kumpulan Perangsang Selangor Berhad (KPS), the vanguard for the Kumpulan Darul Ehsan Berhad (KDEB) of Selangor is strategically involved in highway infrastructure, toll operations (SPRINT), water utility operations, property, hospitality & recreation.

KPS took over the listing status of SAP Holdings Bhd in 2003 with a paid-up capital of RM431.4 million after a restructuring exercise. Currently, KPS is focus on highway and water industries, hoping to reduce its dependence on property.

KPS is on course to become the leading water player in Malaysia..The project that KPS is patiently awaiting is the Raw Water Transfer Project from Pahang to Selangor, the largest water-related project of the 9^th Malaysia Plan. For this project; the Federal Government has already signed an agreement to get it funded through a loan from the Japan Bank of International Cooperation. Kumpulan Darul Ehsan Berhad (KDEB) will expend RM2.5 billion for the construction of water treatment plants and the laying of distribution networks. KPS has been appointed the main contractor to implement this project by KDEB.

With the formation of the National Water Commission and the approval of this project under Budget 2007, a fine booty awaits KPS. The fortune of KPS is about to change beginning 2007 for the better when this project takes off.

The recent offer from Perak is again another good water project where KPS will play a pivotal role. Meanwhile, KPS is also sourcing water projects from Indonesia and Sri Lanka.

KPS’s current involvement in the water utility sector is through its interest in its associated companies namely-Taliworks Corporation Berhad and its beneficial interests in Konsortium Abass Sdn Bhd (ABASS) and Syarikat Pengeluar Air Sungai Selangor Sdn Bhd (SPLASH). It is envisaged that KPS’s role in the sector will be significantly enhanced in the future upon securing the appointment as Main Contractor for the design and construction of the Langat 2 Scheme Infrastructure Works and the operations and maintenance of the Water Treatment Plants.

KPS paid dividends of 4% for year ending 2002; 2.0% for year ending 2003 and 3% for year ending 2005. Overall performance was better last year and KPS may announce a better dividend payout for 2006.

Today, KPS peaked at 74 sen and by the noon close, it was at 70 sen; taking a 1.5 sen loss. I guess the selling are from those punters who have benefited from yesterday's generous gains. It's only natural to profit-take.

Quote of the Day:

"Life is full of obstacle illusions." Grant Frazier

Heartsong

A Nasty Neighbour

The worst thing you can have is a nieghbour who is a nuisance. It’s like having a thorn in your side all your life.

I really sympathized with my friend. He has spent money aplenty to buy a new home when he got married. Today he has three children and the neighbourhood has not been unpleasant until a character bought a bungalow directly opposite his house. The bungalow was renovated and his entire extended family moved in.

Very soon, they started buying expensive imported 4-wheelers and started flaunting their wealth, parking these behemoths in front of the house causing problems for the neighbours. To compound matters, in less than a year, they surfaced all the road shoulders on the side of their house and started parking taxis all about the neighbourhood. Apparently they have got themselves involved in a taxi- rental business.

My friend could tolerate all that. Then his immediate neighbour on his right decided to sell his house. Guess who bought the house? The bungalow owner bought it for a cool RM420, 000 and immediately started the renovation. Havoc started. Dust entered the house. The house had to take the shocks of the hacking and banging down of walls and the erection of pillars and beams.

Some members of the family will be moving in once the house is ready transporting their social problems right next door to my friend. His peace will surely be shattered.

So what options does my friend have? If this nasty neighbour can have his way, he will certainly buy up more houses in this vicinity to make it his tribal home.

The best option for my friend is to offer his house to this chap now so that he can break the intervening wall and have a bigger new home for his relatives at one go. He should get a good price for his house though.

Quote for the Day:

"Action expresses priorities." Mohandas Gandhi

Heartsong

Bursa-Maverick or Diabolic?

Good heavens! Just when you thought that you should not be over optimistic and be pedestrian instead on the market outlook, the maverick market goes manic again and put on a prodigious gain. The index was at of 1,228.22, up 18.88 points by 10.15 a.m. There were 633 gainers to only 70 losers.

Leading the market was IOI Corp and its sister company IOIProp. So we have new knights today. I believe the new leaders are moving up because of the speculation that the Real Property Gains Tax (RPGT)will be moderated downwards or removed entirely. This will be good for mostly property, construction and civil engineering stocks.

In conjunction with this, beginning today I will track the movement of Kumpulan Perangsang Selangor (KPS) until the news of the RPGT becomes a reality and see how far KPS will go. KPS is the jewel in the crown of the Selangor State Government. It is the State investment arm and is into property and waterworks. It went up 12 sen today on heavy volume.

Meanwhile, Maybank has put on 20 sen and Bursa; 40 sen on heavy buying. Maybe the future market has run ahead, pulling up Bursa’s price.

Another reason could be fund-managers have got their new tranches of funds and this could have caused the roaring start of today’s market. Will it sustain? Let us watch the market index closely.

At the noon close, the index stood firm at 1,225.08; up 15.74 points. This is a very good sign. Another 55 points are we are home. This morning’s performance shows that there is renewed confidence amongst the investing public on the Bursa’s resilience. Gainers led losers; 745 to 187 and trading volume was 1.5 billion shares valued at RM1.6 billion.

One good sign is that second liners like MRCB and UEM World are on the move. I think retailers are returning. I hope the gains will be maintained this afternoon to provide a firm grounding for tomorrow.

Market slided from the opening bell for the afternoon session till 3.50 p.m. It then turned around and started the claw-back after that. However, the advance was brief and it went southwards again. Market closed 1,221.72 for a 12.38 points increased. To me, the gain is good as the index is now above the 1,220 psychological level.

Tomorrow is Friday. Will prodigious Fortune smile on us this new day?

Quote of the Day:

“Wherever you go, no matter what the weather; always bring your own sunshine.” Anthony J. D'Angelo

Heartsong

In Dog’s Heaven

My friend, Loi was saddled with a puppy. Apparently, the neighbour gave it to him. He did not know what to do and he dumped in on me with the convenient excuse that I have a house all to myself. It will make a good friend for me.

So I took in the puppy and brought it to the vet to have it checked. He told me that it was definitely part Labrador and that if I did not want it; he could dispose of it to some dog lovers. So I took it back. Since it also looked a bit like a bull mastiff, I called it, “Bully”.

I cannot remember much of his puppy-hood but Bully cost me dearly in dog-food. I bought the dog-food in half-dozens at a time from specialty pet-shops. At other times, I have to give him prime spare-ribs and chicken bones. Bully even had his own rice-cooker.

Bully was untrained and it took every opportunity to run out of the house when the gates were opened. He would do his gallivanting and then come home for dinner. Sometimes Bully stunk ‘to high heaven’ after it went rubbish dump scavenging with the neighbourhood dog pack. I would then be saddled with the unenviable task to shampoo and to wash him up. On a regular basis, I had to de-tick him.

After a few years with me, he got real sick. Heartworms-the vet said. If not treated, Bully would die. So I had to get regular medication for him. Costly too. One capsule cost RM3.00 apiece.

When I got married, my wife took over the chores of taking care of Bully. After a year or so of medicating Bully, she told me the time is near for Bully. It would be better to send him to sleep. So, I gave her RM20.00 and she summoned the Health Division of the PJ local authority to take Bully away.

I am sure Bully is in Dog Heaven now with the my other family dogs like the lovely Debbie, sickly Rover, handsome Blackie and the bravest of them all, Kau Tam.

Quote of the Day:

“Properly trained, a man can be dog's best friend.” Corey Ford

Heartsong