REGIONAL markets mostly ended in positive territory yesterday, tracking overnight gains on Wall Street. The Dow Jones Industrial Average gained 1.76% to close at 17,666.40 while the S&P500 closed 1.44% higher at 2,050.03.
Crude oil prices, which have been on a 4-day rally on the back of falling US rigs count and spending cuts by major oil companies, fell slightly on Wednesday. At the time of writing, Brent crude was hovering just under US$57 per barrel and WTI crude at US$51.78 per barrel.
Optimism in the recovery of oil prices spilled over the local bourse. The FBM KLCI closed 1.22% higher at 1803.02. Market breadth was slightly positive with gainers outnumbering losers by 1.2-to-one.
Meanwhile, the Ringgit strengthened against the greenback at RM3.56.
As highlighted by The Edge Markets (www.theedgemarkets.com) Stocks with Momentum, I bought 35,000 shares of AppAsia Berhad at 28 sen per share. I also picked up 10,000 shares of ECM Libra Financial Group Berhad at 99 sen per share.
My portfolio is now 18.8% invested. The portfolio, which started on July 8 2014 with a capital of RM100,000, is now up 0.9% to a total value of RM100,873.50. It has outperformed the FBM KLCI by 5.6%.
This article first appeared in The Edge Financial Daily, on February 5, 2015.