As I mention last week the KL Composite Index movement with some of the counters did show some strength even DJIA down sharply.
Most of the counters gain strength and indeed it perform tremendously today when KL Composite Index gaining +12.34 points to close at 1,154.09 points.
With most of previous sharp drop counters are gaining back but today overall performance is a bit overdone. I would like the market to move up slowly but not in a way like a jet speed. Sometimes when the movement is too fast, the next day it will slow down. (have to beware - trend still pointed downwards)
Today total volume was very good compare to last few weeks, nearly 800 millions shares change hand. Its was encouraging and its shows that there is a support towards the market. But I'm still doubt about the movement of this market. For me this is just a rebound, it is just that how far it will reach to the top, no one will know. In my previous comment the probability for the market to stay on the upside maybe at 2 to 3 weeks.
And please don't take this as an answer or yes to my opinion because the market still have potential to move up and please don't get your self burn when the trend is changing (moving south).
The market scenario most likely will follow the Dow Jones Industrial Average couple with the movement of the Crude Oil prices.
Watch Glomac Berhad. The counter today traded with a lot of volume and even traded at the low. This month the company make some few Share Buy Back. It is worth to consider on this counter as its share prices still at low (RM 0.75). Potential for it to move up. As you can see among all these sector, the property counter still lagger but today Equine already move to a level not even I can believe it.
Today it close up RM +0.23 per share at RM 0.68 per share. An increase that we usually can't find it for a counter share prices below RM 0.50 per share. What a great counter.
Glomac Issued and Paid-Up Capital : RM 219,241,750.00
Class of Shares : Ordinary Shares of RM 1.00 each
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