Most investors were surprised by the way the local bourse performed today. Most of the popularly traded stocks went down for no reason. A look across other regional bourses saw Nikkei on holiday following its already massive gains late last week. Europe and the US both had strong closing on Friday. Only HK went down together with Malaysia today. The US dollar's strength was the only common factor. For HK its pretty bad because their currency is tied to the USD and a 7 year high for USD would curtail many areas of their economy in terms of competitiveness.
But the case couldn't be more different for Malaysia, we thrive on a weaker dollar. I guess some people just took it as an excuse to take some profit after quite a sustained run for second liners over the last week or so. I expect things to return to normal quickly.
Stocks To Watch
NiHsin - Announced that Pelaburan Mara was the 5% buyer of NiHsin at 52 sen. If you just follow what happened to PDZ and Sanichi, well the short term trend looks pretty awesone trading wise.
IFCA - Apparently corporate results is due soon and would surprise on the upside in a big way. Expect this to continue its rerating process upwards.
SMRT - A nice research report boosted interest before clipped in the heels yesterday by a strange market, This should resume its uptrend as well.