THE US market extended gains for a second consecutive day, with theDow Jones Industrial Average surging 0.86% to 18,140.44 while the S&P 500 closed 0.61% higher at 2,110.30 last Friday.
Regional markets mostly ended in positive territory, as the Euro members’ consent to extend Greece’s bailout plan for a further 4 months bolstered investor sentiment.
Japan emerged as the region’s top gainer, with the Nikkei 225 extending its gains to a 15-year high at 18,466.92. Markets in China and Taiwan were closed yesterday for the Lunar New Year holiday.
Closer to home, the FBM KLCI rose marginally by 1.5 points to 1,809.39. Market breadth was slightly positive with gainers outpacing decliners by a slim 1.1 to 1 ratio. Currency wise, the ringgit weakened further against the greenback at RM3.64.
Meanwhile, crude oil slid below $60 per barrel yesterday, with Brent crude and WTI crude trading at $59.87 and $50.51 per barrel respectively at the time of writing.
As highlighted by our momentum algorithm on The Edge Markets, I bought shares in the following companies yesterday after they exhibited positive momentum.
Wintoni Group Bhd: 57,000 shares at 17.5 sen.
Diversified Gateway Solutions Bhd: 80,000 shares at 12.5 sen.
Hovid Bhd: 22,200 shares at 45 sen.
I disposed of my entire stake in Pohuat Resources Holdings Bhd, registering a gain of 2.4%.
My portfolio has gained 3% since inception, and has outperformed the benchmark KLCI by 7.4%
This article first appeared in The Edge Financial Daily, on February 24, 2015.