To my surprised in the afternoon market the index close down -19.53 points to close the first morning session at 1,129.85 points. What really happen to the market ?
In my article posted on 31st July 2008 (Thursday), I did mention that "A look at the chart suggest that the Crude Palm Oil prices might fall even further and if the Crude Palm Oil prices fall below the support level of RM 3,033.00 per tonne level it will have an impact to the KL Composite Index."
And today it really happen because in the morning the Crude Palm Oil (CPO) prices fall sharply. I didn't pay a little bit of attention that the sharp falls of overnight Crude Oil prices and the weakness in the commodity prices wil bring such a huge impact to our local equity market.
This morning the CPO prices close the morning session down RM-110.00 per tonne to close at RM 2,780.00 per tonne after opening low at RM 2,750.00 (RM-140.00 per tonne).
KLK RM-0.90 (RM 12.30), IOI Corp RM-0.40 (RM 5.20), Asiatic RM-0.30 (RM 6.10), Batu Kawan RM-0.30 (RM 8.75) and Tradewinds Plantation RM-0.24 (RM 3.24).
It is not easy to invest in this current situation but a careful investment in this market need a lot of homeworks to be done.
1 comment:
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