BJF-Out of Tobruk

Joy, Mercy and Grace

From the looks of it, there seems to be some buyers this morning.

Time to get out some more.

So I am cashing out and taking losses along the way.

Will the buying sustain?

Friday is seldom a seller's day and buyers can be brutally 'bargainy' and pare down prices like a bear in heat.

Right now,the pattern has set in with buyer at RM 1.00 and a seller at RM1.03.

Though the bids are wide, some 2,471 lots have been done raising up BJF by 6 sen.

Methink forces are at work to shore up the prices when the OR gets traded.

At today's price an OR should be worth 1.03 minus 65 sen which is 38 sen. Buy in volume and brokerage is cheap.

On average, a person who takes up the rights should stand to gain somewhere between 35 sen to 50 sen hopefully.

Then we would want to see how the warrants trade as well when we know the details of conversion and duration to exercise.

It will be noon close in 2 minutes' time. BJF closed at RM1.03.

I will continue looking at this counter until 4 pm then I need to go out to Bangsar again on business.

Looks like it ended up 7 sen at RM1.04 giving hope for the OR to trade more positively on 17 July 2012.