Today if I'm not wrong it would be a buying opportunity. Usually our market always behave differently when there is a sharp drop to the index couple with some new exiting news emerge. With the new accusations on our Deputy Prime Minister, Datuk Seri Najib involving him with Altantuya Shaariibuu and technical problems to the server of Bursa Malaysia (close for the whole day on 03.07.2008) it indeed suggested the time has arrive to accumulate for short term play (is this might be or might not be a bottom) - guess ?
This morning the market open sharply down -25.81 to 1,127.89 points and created new low -29.86 at 1,123.84 points after two minutes of trading and howering at around 1,124.68 points to 1,132.21 points. Basically our market always react to negative news first before a call on buying (accumulate) can be suggested for a short term play.
A survey to the whole market situation suggested that the market will stage a rebound by next week. How far will it go, it's all depend on the political situation in our country. The entry points is very important in order to make profits. How about today ? Is today is an entry points ? (make your own judgement).
Tonight Dow Jones Industrial Index close for its US Independence Day Holidays. So Monday should not poised any problem but a watch on the current on going political situation will indicated what would happen on Monday's market. It's like a hot cake came out from the hot oven. Hot topics at the moments. A comment from Datuk Seri Anwar Ibrahim suggested that he still have a lot of unused bullet to shoot at anyone who are trying to stop his political careers.
Afternoon market closed down -29.17 at 1,124.53 points.
Photo : U-Nee or Lee Hye-ryeon
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