Tong’s Momentum Portfolio - Jan 13, 2015
The FBM KLCI managed to claw back some gains in late trading on Monday after spending most of the day in the red. In a spurt of buying momentum at the eleventh hour, market breadth turned mildly positive, with gainers outpacing losers by a 1.2 to 1 ratio.
The benchmark index added 2.64 points or 0.15%, to close at 1,735.08. This pared its year- to- date loss slightly to 1.5% at the close. Trading was dominated by penny stocks, led by IFCA MSC, likely for its GST-software exposure. Tenaga Nasional’s surprise takeover offer for Integrax also added some excitement to the market.
However, by and large, investors remained generally cautious. Indeed, the volatility in crude oil prices and the ringgit appears far from over, both falling in late afternoon trading. Crude oil fell US$1 to just over US$47 per barrel in late trading. The ringgit, which had firmed to RM3.55 per USD in the morning, started sliding towards the RM3.57 level in the evening.
Regionally, markets closed mostly mixed. US and China stocks fell after the former rallied for two days, while the latter’s stocks are deemed overvalued compared to the market outlook. European stocks however, gained in hopes that the European Central Bank’s bond buying programme of $500 billion euro will help shore up the economy.
I continue to be cautious on the outlook for Malaysian equities and have therefore kept my portfolio unchanged with a high cash holding level. Currently, I am only holding Willowglen, which closed unchanged at 74.5 sen.
My portfolio is currently registering a gain of 1.1 % since inception, and has still outperformed the benchmark KLCI by 9.4%
http://www.theedgemarkets.com
The FBM KLCI managed to claw back some gains in late trading on Monday after spending most of the day in the red. In a spurt of buying momentum at the eleventh hour, market breadth turned mildly positive, with gainers outpacing losers by a 1.2 to 1 ratio.
The benchmark index added 2.64 points or 0.15%, to close at 1,735.08. This pared its year- to- date loss slightly to 1.5% at the close. Trading was dominated by penny stocks, led by IFCA MSC, likely for its GST-software exposure. Tenaga Nasional’s surprise takeover offer for Integrax also added some excitement to the market.
However, by and large, investors remained generally cautious. Indeed, the volatility in crude oil prices and the ringgit appears far from over, both falling in late afternoon trading. Crude oil fell US$1 to just over US$47 per barrel in late trading. The ringgit, which had firmed to RM3.55 per USD in the morning, started sliding towards the RM3.57 level in the evening.
Regionally, markets closed mostly mixed. US and China stocks fell after the former rallied for two days, while the latter’s stocks are deemed overvalued compared to the market outlook. European stocks however, gained in hopes that the European Central Bank’s bond buying programme of $500 billion euro will help shore up the economy.
I continue to be cautious on the outlook for Malaysian equities and have therefore kept my portfolio unchanged with a high cash holding level. Currently, I am only holding Willowglen, which closed unchanged at 74.5 sen.
My portfolio is currently registering a gain of 1.1 % since inception, and has still outperformed the benchmark KLCI by 9.4%
http://www.theedgemarkets.com
