morning … yesterday was a hectic day - Mag discharged from hospital Likas last night. It was the first night my baby girl is back to ‘new’ home. Er was ‘unhappy’ as he wants attention from mommy but Mag needs to breast-feed baby. My head was banging, could not sleep well.
Trading : My babes : Ranhill(10 lots), Jaks(30 lots), LionDiv(20 lots) and Scomi(105 lots). Need to hold indefinitely … one fine day, the sun will rise and my babes will be shown their beauty again.
My ex-babes : Astro(+8%), GPlus(-8%), Kinstel(+12%).
Interested in : Hsplant, Zelan, IGB and MPHB. <— next buy in Sept/Oct?
KLCI stages strong rebound — THE STAR
PETALING JAYA: The stock market rebounded strongly yesterday with the KL Composite Index (KLCI) surging close to 30 points to 1,139, its highest single-day gain since March. A total of 656.4 million shares changed hands, valued at some RM1.2bil.
Regional bourses also staged a healthy rebound with gains mainly driven by the fall in the price of crude oil on Tuesday. At press time yesterday, crude oil prices were still declining.
Yesterday, Singapore’s Straits Times Index jumped 3%, the Kospi Index rose almost 2%, the Hang Seng Index gained 2.7% while the Nikkei 225 improved nearly 1%.
While it remains to be seen if crude oil prices are on a downward trend, the fall is definitely a relief for investors, as there should less inflationary pressures.
For the past 12 months, the price of crude oil has surged relentlessly, leading to secondary pressure on prices of goods. Coupled with the higher prices of food resources and commodities, the inflation rate in most countries is at a peak.
The cost-push inflation is threatening global economic growth as consumers find it difficult to adjust to the rising prices.
While central banks have resolved to raise interest rates to curb demand and prevent further pressure on prices, most have held back on fears that tightening monetary policy could crimp growth.
A head of research at a local brokerage noted yesterday that the buying interest was mostly by local funds, who were accumulating heavyweight shares like British American Tobacco (M) Bhd, Bumiputra-Commerce Holdings Bhd, Tanjong plc and Bursa Malaysia Bhd, which gained 50 sen each.
AirAsia Bhd was the most actively traded, gaining 12.5 sen to RM1.04 on expectation the budget airline’s prospects would be less risky with lower fuel prices.
“It’s certainly a relief that crude oil has come off its high although no one can be certain that it is finally going for a correction,” the head of research said.
The brokerage expects crude oil prices to average US$115 per barrel this year owing to a slowdown in the United States and weaker global demand.
The central bank released the consumer price index for June yesterday, which saw a 7.7% year-on-year rise. This was higher than the earlier estimate of 6%.
The head of research said the higher-than-expected inflation rate would have a bearing on the market.
“This will heighten the expectation of a interest rate hike when Bank Negara meets on Friday (tomorrow),” he said, adding that July’s inflation rate might be higher than that of June to account for the electricity rate increase.
“The impact of the electricity, however, is not broad-based and therefore would not drive up inflation significantly,” he added.
i m too busy to blog …
1.30pm : My baby girl wearing a new plastic shoe … will be for two weeks.
Scomi at 0.68 … market is slowing and just another technical rebounds? Zoooming down again? I dont know …
TEH
