Red Sea Digi

Red Sea Digi

As the composite index continue to fell engendered by good old Wall Street fears and the Eurozone woes, most stocks excepting the situation stocks went to the byways. Digi was not spared as sellers came out in hordes from the woodwork to parlay their wares bringing down prices a tad bit down.

At 10.00 am, Digi was trading about two to three sen down at the RM3.63-RM3.64 band. There is an even number of deals done both ways up and down.

I do not see any upside today and the price of Digi should languish at the level.

At noon break, Digi shares broke the psychological RM3.60 level to slump to RM3.58 before ending at RM3.59. There was good buying support at RM3.59.

Before the bell went off,bargain hunters came in droves to bring the price of Digi to its lowest of the day; ending at RM3.54 for a 12 sen loss.

Ended at its lowest at RM3.54

Digi shares traded lower due to indigestion,the Friday mood,Monday being a public holiday as well as the uncertain global equity scenario.

I could sense accumulation as there were two tranches of 5 million shares done.

Digi: Supply Backwash

Finding Traction

Yesterday the new Digi shares were deposited into the CDS of shareholders though these shares could all be disposed on 21 November when Digi goes ex. Those sold will be delivered today which is T+3 according to Bursa rules of trading.

Psychologically, sellers who are not initiated with these rules will start selling off excess holdings from today onwards.I expected a fall despite the Germans having failed to sell their so-called gold standard bonds which plunged Wall Street yet further down.

Tittering below overnight on the opening, Digi descended to RM3.63 for an initial 9 sen down. Unlike yesterday,there is not widespread dealing on Digi. Digi will have to find traction somewhere along the RM3.60 sen band. If not it will go down to the next band of RM3.50.

No really big buying and so I guess it is only retailers' play today.

Digi took a reasonable fall of 6 sen to RM3.66

Digi shares ended at RM3.66 for a 6 sen fall. Fair price given the German bond debacle.

Courting Black Harvest

For those dabblers of Harvest Court, it must have been one rude awakening when they saw their shares plunge like a bungee jumper without going up. It always is dangerous to court the unknown penny stocks especially in wild-wild east Bursar!

True, the PM's son lent credence to the company after he has bought its shares and then sits regally on the Board. But that's no reason for you to jump head long into this potential quagmire of a counter?

Sadly, as we see, the Bursa failed to do its job to timely query the company on why there was such a huge percentage jump in its price in a short spate of time or the reason for the flurry trade. It allowed so much leeway for punters and mercenary buyers to sucker a wide slew of  innocent babes of investors. From 10 sen it jumped to price stratosphere beyond RM2.00.

Once the punters leave, the PM's son also quited his Board seat and now all those poor  blighters or sorry shareholders are left with Harvest Court shares hanging high and dry.

The price of Harvest Court is now 74 sen, down by another 22 sen. It touched a low of 66.5 sen.

As they say, winners guffaw and losers weep.

I can hear the din of the cries of the loser-weepers but sadly, not Bursar.

Digi: Digestible Demand?

Holding Steady in Morning Trading

Oh yes, it got to a flying start and then ran out of steam by 10 am. Heavy buying was seen from RM3.82 to RM3.86 before retail buyers came out in squads to pare down prices into the 70's region.

Today is Day 3 after Digi went split and prices look like it it holding up. It was up Monday and yesterday and it should hold up with marginal gains if market continue to deteriorate on the whole.

As they say, the market is always right.

Amidst heavy selling pressure, Digi managed to close unchanged at RM3.72. There was quite heavy buying at RM3.72; something like more than 8.2 million shares done.

Close Unchanged at RM3.72 in a bad market

Digi: Swimming Upstream Like The Salmon

Will Digi Do Some More Magic?

With the deluge of new shares floating around, sellers are always ready to sell into profit, no matter how good the company may be managed or what great future lies with the company.

Man's mind is hard to fathom. While some think they are angels and should no longer tread on this counter as the price ascends, there could be greater fools thinking that there are more miles to go for their 'camel'.

Come what may. As they say, good things comes for those who wait; the other school will have as their affront-Count your blessings and take your gains and leave.After all tomorrow is another day.

The second day of Digi as a 1 sen share saw heavy buying of should I say, selling, at the RM3.72-RM3.75 price range. It ended at RM3.69, a whisker from the next marker of RM3.70.

Closed noontime at RM3.69-a whisker from RM3.70

I think the going is heavy as selling gravity will continue to pull away promising gains. The European debacle still stinks at this stage. Now, France is embroiled as well.

Digi closed at RM3.72, up 12 sen. At least it breached the RM3.70 sen mark.

Ending up 12 sen at RM3.72

So, do not expect a very good market in the next few days.

Driving Miss Digi

Digi goes Ex

Remembered that beautifully crafted movie," Driving Miss Daisy"? The one that starred the talented Jessica Tandy and the ever charming Morgan Freeman. Yes, Digi's half day performance is bitingly refreshing. Akin to that movie of just driving Miss Daisy. You just want some more and still so more.

Amidst the gloom and doom of the European cancerous sovereign and banking debt fiasco, with the local market losing more than 15 points, Digi continued to be in demand. Undoubtedly there will be weak holders who will sell out some portion of the holdings to take profits.Similarly, we have fresh blood in the form of new buyers who are most thankful of being able to buy one lot of Digi at the RM3,000 level.

Closed at RM3.68 at noon

The starting block of RM3.60 was breached moving up to a high of RM3.81 and a low of RM3.53. Most shares were bone at the RM3.77-RM3.80 level. I think the support level will be RM3.60 and if buying persist in the afternoon, Digi shares may go beyond RM3.70.

Yes, as I predicted-it upped 11 sen to settle at RM3.60 as it final price.

Digi: Strangled at RM35.00

As much as it wants to go up beyond the RM35.00 divide, crabby buyers pulled the price down.

How much will it open ex-split on 21 November?

All day long it see-sawed just like arm wrestling, sometimes better like in the beginning minutes and faring a little better an hour before closing time.

Except for a 500 lots done at the morning at RM35.10, trading has been kind of dull with minor players coming in just before the dateline for splitting on the forthcoming Monday.

I think the share will likely close at this price range possibly saddling RM35.00.

Evidently,more sellers were in the field and the crabs won the day; and Digi went off best below RM35.00..

Closed at RM34.96 on 18 Nov 2011

Digi closed at RM34.96 and so theoretically it will open at RM3.49 on Monday,21 November 2011