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| Hi-speed to nowhere |
The heavy buying by EPF started yesterday when the prices of the counter fell.
YTL Corp went as low as RM 1.55 in the opening minutes before recovering to keeled off at the RM 1.56 to RM 1.57 level.
Then, geez, what do you know?
In the last 15 minutes there was a heave-ho!
Two million of so of shares bought in tranches of 500,000 shares.
The price perked up two cents to RM 1.58.
I smell the handiwork of EPF and other state pension funds!
In a normal market there could be day traders and speculators who would have jumped head-long onto YTL Corp.
The scenario these days are different.
Even if YTL Corp got the moon and Jupiter, any rise will be cut short be eager sellers out to make some small money to exit before the potential fallout wrought by the impending 13th GE news and the crazy politicking going on out there.
While foreign buyers are getting scarcer by the day, retail buyers are mostly missing except for some stale bulls and the state pension funds doing national service.
Do not get excited at any price jump any day these days.
Stay out and watch the ice melt down the prices at BSKL as the days draw nearer when the Johore and Negeri Sembilan state assemblies dissolve by the third week of March.
