Friday, April 21, 2006

It's a Friday! Weeee...

So much for the title, here is the market report for today. KLCI closed 0.17 percent higher today at 948.19 points today, up by 1.57 points from yesterday's index. Top gainers were led heavyweights Maybank and IOI Corp followed by DIGI and Kuala Lumpur Kepong. The most heavily traded stock of the day was IFCA MSC, a penny stock on MESDAQ with a total 192 million shares traded. I can't seem to find any good news or forecast that would justify such high trading volume, the only news I managed to find was a query by Bursa Malaysia regarding its unusual market activity. I would expect the price to fall when the trading hype softens because changes in prices accompanied by high trading volume should revert most of the time. Going forward, the lack of liquidity in the MESDAQ market contributes substantially to price volatility as stock prices behaves in a more erratic fashion whenever liquidity flows in and out, so my advice for the day would be, don't speculate on MESDAQ stocks unless you have loads of cash to stimulate an upward trend! Later all, going off now...


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