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| Stuck on One! |
I have played the odd lot counter quite frequently and this is the third time that the sellers had ensnared me.
I started by playing a counter called Gas Malaysia. I asked for 50 units and they gave me 7 units only.
The same goes for Bank Islam Malaysia Berhad (BIMB),where I got another 7 units only in spite of the 50 units I wanted to buy.
Then, there was IHH Holdings (IHHH). They gave me only one unit of it, while holding the selling price at about 10 times the price I bid.
This late afternoon, they had me again. They gave me again one share at 57 sen while holding the balance at 80 sen for the counter I wanted to buy. I need to buy another 49 units.
What are the implications?
If you are satisfied with what you get,then take no more action.
That was what I did with Gas Malaysia and BIMB.
However, I could not do the same with IHH Holdings (IHHH).
Why?
If I did not buy in a trading 100 unit on the Main Board. it would mean my share would be the price of that unit plus RM 30 for overheads such as brokerage, clearing fees and stamp duty.
Let us assume you bought one unit of IHHH at RM 4.50. Failure to take follow up action to buy more will mean that your IHHH share is priced at RM 34.50 .This would means it cost about the price of KLK and most other blue chips. Big loss, my friend!
So,what do I have to do today for that counter that I have been ensnared?
If I lucked out, it can only mean I would have to buy it at a much higher price than currently on offer.
On the Main Board,the offer price is 58.5 sen. Perhaps, I would have to take up the seller's offer before trading ends at 5 p.m. today.
So,watch your steps when playing in this no-holds barred; anything can happen to you God-forsaken Odd lot counter on BSKL.
Post-script:
I had to buy 100 more shares at 57.5 sen on the main board and 9 more shares at 57 sen on the odd-lot board. He gave to me the 9 units in the afternoon session.
What a hassle.
Strangely, the seller threw in the towel and gave his shares even at 33 sen for a 24 sen loss.
So, I may not have gained but those who bought at 33 sen certainly did!
