What I saw in the morning session before the EGM scheduled at 2 pm is that buying pressure has receded and bargain hunters are stacking up; pulling prices down. Most stock were done in the RM34.60-RM34.70 price range.
By 11 am, the price of the stock has dipped below RM34.00 for the second time falling as much as 34 sen at once instance.
Now it is just playing limbo rock below the RM34.00 price level and sitting at the price plateau of RM34.00 and some occasional price spurts has brought it to positive territory.
Let us see how it will settle down at the 12.30 trading break.
Looking back,it can be seen that confidence in the stock stayed at an upbeat bias as the stock transcended the psychological RM34.00 mark. Subsequently it see-sawed between RM34.04 and RM34.16 finishing at at RM34.16 for another 16 sen gain. Paltry but significant as the stock has now been approved for splitting.
Ass the time-table goes, the share will go ex on 21 November. Those shareholders who are on the company's register at 5 pm on 23 November will get the divided shares into their respective CDS by day-end.
After that, it will be dependent on market forces and perception of the historical RM0.01 sen share may give Digi a brand new image at the single ringgit league once more.
Let's look forward to Thursday 24 November 2011.
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