Fund managers already packed their suntan lotion and sunglass and heading to a sandy beach somewhere. Sure, there are still managers and investors stay participating but with year-end holiday and Santa's gift on their mind while staring at the quote screen, what do you expect?.
I have already said that Bursa Malaysia stock market to be in further narrow range-bound in my last article, for this one I will say the market will go into narrower range bound (with bias toward downside)
Last week, 30 stocks FBM KLCI down 10.2 pt to settled at 1,260 pt. With lesser volume and composite index action suggests that it shall go into a narrower range bound :1,240 and 1,273 pt (see KLCI chart at the bottom). And again, no 'fresh lead' yet to trigger changes.
Also, fund managers already packed their suntan lotion and sunglass and heading to a sandy beach somewhere. Sure, there are still managers and investors stay participating but with year-end holiday and Santa's gift on their mind while staring at the quote screen, what do you expect?.
Last week was a very bad week for LCL. It went down to historic low at 22 sen.(CIMB maintains underperform onLCL Corp) I think LCL is the first Malaysia stocks casualty out of Dubai finance crisis. Watch out for any sign of other stock similarly affected, we don't want to get caught in a domino effect.
Last week was a very bad week for LCL. It went down to historic low at 22 sen.(CIMB maintains underperform on
There is a good news. In a move aimed at drawing foreign funds back to its laggard stock market Khazanah sells 81 million of its TNB shares. That's by PM Najib's call to boost the free float of a stock exchange that has lagged its Asian peers. Said that, watch out for other Khazanah's major holdings : MAS, Malaysia Airports, CIMB, Axiata, PLUS, UEMLAND. Refer to Khazanah holding for the portfolio. On second thought, I don't think you need to watch out, no major downtrend expected due to the selling. The buyers seem eager to buy.
I
f you are wondering to whom Khazanah sold that 81 mil shares, it is mostly to EPF and PNB ASB (based on TENAGA substantial shareholders announcements).
