After the Selling is Done

The market doesn't go up in a straight line as the arrow flies.

However it can just collapsed sharply as if it has no legs when it fell.

Apart from the continuing Greek issue where its best paying bond issue has yet to get buying traction, the action on Bursa KL is at home.

The devil at work is none other that that juggernaut, EPF which had been feverishly down-loading its blue-chip holdings thus bringing the market down.

I do hope there was no panic selling among retailers because most times, you may have to take your losses when that stock you sold rebounds! Trust me, my experience in this has been bitter. Big boys always win!

Now that the market has stabilised to an even keel, I believe that the bulk of the kamikaze action is about over.

When prices for stocks like Telekoms Malaysia(TM)and Petronas Chemical (PChem)has breached the 15 sen free fall, buyers will come in whether they be local institutions, retailers and smart-foreign funds. It is like the physical law of 'water finds its own level'.

For those with have handy cash, grab some TM, Genting Berhad, Public Bank, Hong Leong Bank,Sime Darby, YTL Corp and PChem before they rebound.

EPF-Killing the market softly with its song?

The dumping of shares recklessly on the local equities market by a supra player such as the EPF is of a major concern. Their action will surely cause the index to fall because they are the long term buyer and holders of blue chips.

Lately, they have been selling because they are investing particularly in properties in UK and elsewhere.

On 7 March alone, they shockingly disposed off more than 83.68 million compared only to a meager purchase of 7.4 million shares. Believe me, this represents almost half of the total shares traded that day! God have mercy on equities players!

Though most fund managers are of the opinion that EPF is profit–taking, its aggressive selling stance dragged down the FBM KLCI from achieving a greater height.

EPF's divestment of shares has been going on for the last two weeks. Fund managers believe EPF will continue selling the whole of the week ending 9 March 2012.

Under the Companies Act 1965, substantial shareholders need only notify the listed company of the shareholding transaction within seven days.

Among the biggest disposals on March 7 were 11.43 million shares in Telekom Malaysia Bhd, 10.72 million shares in Axiata Group Bhd, and 10.23 million shares in YTL Corp Bhd.

Most notably, between Feb 28 and March 1, it had disposed of about 30.3 millions shares in Maybank.
It had also early this month sold 10.7 million shares in UMW Holdings Bhd, 8.5 million shares in CIMB Group, 6.5 million shares in Telekom Bhd, six million shares in DiGi.Com Bhd, 3.7 million shares in IJM Corp Bhd, and 3.2 million shares in IOI Corp Bhd.

In true doublespeak, EPF chief executive officer Azlan Zainol is reported to have said that the EPF had not distorted the market. “It is all unintentional. We transact over three million shares at any one time; of course the market would be distorted,” he said. Talk about being sincere? Far from it!

In another development, the EPF is expected to start distributing portions of the Rubber Research Institute of Malaysia land in Sungai Buloh by June. Perhaps they need big bucks here?

Living on RM3,000 in Kuala Lumpur

I like what this blogger wrote.

To graphically tell you that RM3,000 is insufficient to keep body and soul in a runaway inflation Kuala Lumpur, he put up a expenditure for a nuclear family of 4 in this woe-begotten city.

Let us look at what he wrote.

Now, I am sure he has painted the painful reality for everyone to see and feel as well.

The Descendants-Trust and Infidelity

This is one cool dud of a movie.

Starring the enigmatic George Clooney, it recounts the story of a family many generations from King Kamehameha 1 of Hawaii.

On the heels of the accident of his wife in a water skiing accident, he found that his wife had an affair with a real estate agent and was on the verge of divorcing him just prior to the boating mishap.

As the protagonist and his two daughters as well as Sid, the elder daughter's confidante boy friend plod through the problem and how to trace the wife's lover, the family of Matt King were all gaga to dispose off the generation old beach front property for personal gains.

The movie ended well with its unexpected turns and the resolution of both the issues.

Great movie and dialogue.

Kuala Lumpur on 7 March-Venice of the East

Talk about all the civil engineering technologies available in the world and yet Kuala lumpur was under tons of water on the fateful day,7thMarch 2012.

As expected, city government was caught with their pants down. The Smart Tunnel failed to siphon water out and Kualab Lumpur became the Venice of the East o nthat day.

These pictures are testimonies of failed engineering and local government administration.

The Carpark near Wisma HLA-Shocking!

Bukit Bintang Walk No More!

A Watery Pavilion

Goodbye Computer parts!

Dataran Merdeka yang Berair!

Masjid Jamek LRT Station-Inaccessible!!

Tun Abdul Razak River?

Farewell to Norm and Saidi

We have known this couple for at least half a dozen years.

From illegal hawking to obtaining a licence legally to ply their nasi lemak, mee,mee-hoon and cakes at the SEAPARK private market, they have made fast friends with the market and hawker community in the area.

Almost every year without fail, we got invites to the Hari Raya and Hari Haji functions at their home at Kampung Sungai Penchala.

Their food, as usual, was good, tasty and tantalizing.

Saidi was a wizard with his teh tarik and Norm whisked up a spread of real good Malay fare for our consumption each and every year.

I also like her mee-hoon as it was real tasty.

Today is their last day (11 March) at the SEAPARK market and we have collected from them our specially ordered tempoyak, daging rendang and ayam rendang.

Tomorrow, along with their physically challenged daughter,Nadia, they will shift to live in Bagan Serai in Upper Perak as they have started working on their aquaculture project.

This family really represent the working class of the Malay community and a bumiputra family I am truly proud of and to be associated with.

I wish them well.

Walk-abouts and Meeting the Voters

Except for the big events that involves the Prime Minister, most meet the people sessions are segmented in nature.Even those mega meet the people sessions are organised and contrived, at best. The preponderance of one race over another is too obvious to hide.

For huge gatherings featuring mammoth turn-outs, they have oftentimes marshaled the crowd be they, civil servants or students. What you see is not what you get.

So, do not be deceived by this kind of organised gathering.

The best indicative crowd is still the impromptu walk-abouts such as the ones Najib took in Petaling Street and Little India in Brickfields. Those are more authentic.

However, if you look at those by the PR, oftentimes, they are multi-racial and they are not organised. The people that go there are either staunch supporters, do so because of curiosity or are present just to listen and be amused by political theatricals.

So, when can we expect leaders in MCA and MIC or even UMNO to turun padang genuinely and really meet a multi-racial crowd instead of just meeting 'the converted' on racial lines?

Also this crowd must not be mass organised, paid in cash or kind and bused in.