The market experienced a severe correction in the afternoon session. The condition was getting a little bit better toward the end. Total losers are 428 vs the gainers 234 counters. It was more than 470 losers one time at about 3:30pm to 4:00pm. Ninety percent of the top 20 active counters are in RED. FBM KLCI droped 3.48 points with a total volume 808 Mil shares exchanged.
Since there are many lower liners were under heavy selling for the last 3 days, we believe many stocks will rebound tomorrow temporary provided the Dow Jone can not closed too bad.
How is our stocks doing?
Mudajaya went down 1.92% and closed at 4.60. We suspect the investors take the opportunity to sell after the price had been pushed up from 4.20. We also suspect it could be the T+7 force selling because today exactly the "trading day" plus 7 days(some Securities give 7 days) which is due for payments. The contra players might not want to hold the stock. Nevertheless there is no bad news on this stock. We continue to hold.
Adventa went up 2.26% and closed at 2.36. Due to a bad market sentiment, it still unable to sit above 2.40 but it seated firm above 2.26. Many sellers started to take profit. We continue to hold.
Supermax went up 1.50% and closed at 4.07. It was one time pushed down to 3.98 at above 4:00pm, fortunately there are alot of buyers pushed the price back to 4.07. We continue to hold.
Maxis went down 0.93% and closed at 5.32. We plan to hold for longer term.
Counters to pay attention
AFFIN - Despite the bad market sentiment, it was holding well above 2.40 and closed at 2.46. Today is the T+5 trading day, the stock could fly again after the T+7. If the good news turn on again(bank merging), some time you don't have to wait until T+7, it will take off any time from now. The only condition we need to watch out is the price cannot drop below 2.34, otherwise the short term up trend will be ended here temporary.
Other stocks to watch
Harta - breaks new high again.
BIMB - supported above 14 days EMA with some buying interest.
CBSTech - watch for break out symmetrical triangle at about 0.55.
AirAsia - watch for break out 1.33 with volume
