The market opened today positive but relatively weak as the investors were cautious regarding the Federal Reserve for the word on the interest rates. A handful of counters encountered gains while profit taking were hitting on the others. Things were looking like a normal Monday where the buying sentiment was relatively low until this piece of news surfaced.
From REUTERS, it was reported that our PM has made a special announcement to help boost the stock market; UPDATE 2-Malaysia's Najib delivers $4.6 bln boost for stock market. An extract from the article as below.
KUALA LUMPUR, Sept 14 (Reuters) - The Malaysian government will inject 20 billion ringgit ($4.6 billion) into a state investment firm to shore up the stock market, Prime Minister Najib Razak said on Monday, in a bid to boost confidence in a country reeling from a political scandal.
With that statement released, it seems that the buying process has begun and the counters were seen gaining from either the funds and investor confidence! Check out the performance for these shares for the afternoon session.
TENAGA with an increase of +0.74
SIME with an increase of +0.53
AIRPORT with an increase of +0.29
Don't get me wrong as I'm not saying that these shares are not able to have such a great hike in the share price but it all came in the afternoon session which fits the time when the announcement was made public. It is definitely good to see the market trending upwards but it would be much better if it was due to solid performance, gaining the foreign investors' trusts and upon good news from which the company gains market share to boost profit.
So where do these counters go from here? Will they sustain the increase of the share price or will the investors take advantage of it and perform profit taking from them? Well I guess tomorrow will be interesting to know the fate of them moving forward. And if these are not the counters that you have invested, no worries I believe the future will be bright sooner or later. We just got to keep believing and carry on! Happy Trading!
