Looking for a Bottom!

happenstance0203

The Cabinet line-up has been announced. It is a fair one but the market is not giving Nor Mohd Yakop a tumultuous welcome as Finance Minister II. Shahril inclusion as the Minister of Domestic Trade is a breath of fresh air! Pongy Rafidah, Jamaluddin, Radzi Shekh and Azmi Khalid has been booted out to the happiness of Malaysians. Too bad, we still have to see to looks of Azalina Osman - Minister Incompetence Extraordinaire! and shoo-in.

The CI continued to go to penguinland,albeit a ta slower pace. GLCs continued to get hit though some were recovering this morning. The water stocks continue to be sold down even though there was a light buying of KPS in the morning. Puncak is heading for a helluva beating because of that silly below the belt agreement signed on the fleeting hours of the dying UMNO-led government of apparently botoxy ex-MB!At noon, CI fell nominally by 2.27 points bringing down the market level to 1175.26. There were 168 gainers and 409 losers. Volume was 271 million shares worth RM485 million.

Gainers were led by BAT up 50 sen; KFC climbing 25 sen and LKT adding 24 sen. Tanjong went up 20 sen. The losers included Parkson down 35 sen,Puncak sinking 33 sen, Asiatic being pummeled 30 sen and Haisan slipping 28 sen.

Portfolio saw Genting adding 5 sen to RM6.15,Resorts world adding 6 sen to RM3.12. Metronic was unchanged at 8.5 sen. RCE lost 0.5 sen to 50 sen while BJ Sports Toto was down 2 sen to RM4.78. KHSB continue to lose,dropping also 0.5 sen to 33.5 sen.

Afternoon may see a good re-start after a fair Cabinet line-up! We should see some reclamation of lost price territory