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Wednesday, August 13, 2008

Continued weakness

Since the last update a week ago, nothing very exciting happen, except for the Beijing Olympic Games 2008 which open on Friday 080808. Somehow the Chinese loves the figure "8".

Bursa Malaysia is experiencing continued weakness with the KLCI sliding down to close at 1118.78 yesterday on very thin volume of 292 million shares traded. Plantation stocks continued to weigh down on CI with IOICorp closing below 5.00 at 4.82. The CI has come to close at a very crucial support level now, as this was a strong support level previously. A break of this support may see the CI sliding further to test the critical psychological support of 1100. The low volume indicates that the buying interest is very weak, hence, the market may continue its current trend.

Our government has formed a national economic committee to strategize on measures to boost the economy, and hopefully the coming budget can help to inject some life into the market.

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