Thursday 28 Mar 2024
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THE selldown on Bursa Malaysia intensified on Tuesday. The FBM KLCI closed in negative territory for the fifth straight day, in line with the fall in global markets. The benchmark index fell 20 points or 1.15% to close at 1,716.58. Losers outnumbered gainers by 3.5 to 1. The ringgit remains weak, extending yesterday’s 5-year low, at 3.56 against the greenback, at the point of writing.

Wall Street slumped overnight, with the crude oil sliding to below $50 per barrel, triggering a selloff in energy stocks. The Dow and the S&P 500 closed 1.86% and 1.83% lower, respectively. Europe did not fare well either with investors moving to the sidelines on concerns over political turmoil in Greece.

China, however, bucked the downtrend to end marginally higher on speculation that Shenzhen will be a new member to the trading link between Shanghai and Hong Kong.

I continue to be cautious on the outlook for Malaysian equities and have therefore kept my portfolio unchanged.

Currently, I am only holding Willowglen, which closed 1.5 sen lower at 72 sen yesterday.

My portfolio is currently registering a gain of 0.8 % since inception, and continues to outperform the benchmark KLCI by 10.2%.

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This article first appeared in The Edge Financial Daily, on January 7, 2015.

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