SCH - Big DBT of 23 Million Units (4.14%) on 21/5/2019 !!!
The sentiment of investors on BSKL was sideways today with index closing at -1.62 points to end at 1603.74.
From my observation today, SCH had hold its ground reasonably OK with the overall sentiment being weak due to the two holidays on Monday and Wednesday this week.
1. Open Market Volume Observation
Refer below summary of volume done for SCH today:
In the morning, buyers had taken charge of this counter with support building up at 0.13. However, after sentiment weakened slightly, sellers had come and sold down to the buyers at 0.13.
However, we may observe that eventhough the price had fallen down to 0.12 before closing back at 0.125, the total amount of sellers at 0.125 (971K) and 0.12 (338K) amount to about 1.3 million shares, and therefore this means that many buyers who took entry at 0.13 are still holding on to their shares. This indicates that the selling might have been done by weak sellers wanting to get out of the market on a slightly red day, and that stronger buyers are anticipating higher prices in the future.
2. Direct Business Transaction (DBT) of 23 Million Units at 359 PM Today
Refer below screenshot of the DBT performed today at 359 PM:
This transaction represents a total of 4.14% of the total shares issued. Normally, we would see more activities in a counter once there has been an off market transaction in a significant amount of volume, as usually it would signify that a major event is coming (corporate exercise, announcement, etc). We shall see in due time.
LET’S SEE HOW THE SHARE PRICE MOVEMENT IN THE NEAR FUTURE FORBEARING ANY GOOD CORPORATE NEWS.
Disclaimer : The above opinion is not a BUY CALL but only sharing my observations.