STOCKS on the local bourse closed strongly in positive territory on Wednesday, rallying in the afternoon session after posting only limited gains by the lunch break. The gains came despite a dismal performance of the ringgit, which continued to weaken against the US Dollar. 

The benchmark index added 19.98 points or 1.14% to close higher at 1,770.09 points. Market breadth was positive with gainers outperforming losers 1.94 to 1.

At the point of writing, the ringgit weakened further to trade at RM3.616 against the greenback, as compared to RM 3.607 the day before, following the revision of Budget 2015. The ringgit breached the RM3.60 mark on Tuesday as investors reacted to the revision.

 Oil prices have held relatively steady for the third day now, hovering around $46 and $48 for WTI and Brent, respectively.

Meanwhile, Asian stocks surged on prospects of increased stimulus measures in Europe. European stocks fell slightly on profit taking, but were still trading close to a seven year high on expectations that the European Central Bank will unveil aggressive stimulus measures on Thursday, to boost the Eurozone economy.I have kept my portfolio unchanged with a high cash holding level. I am however; looking forward to work my cash very soon, hence do continue to follow this section for upcoming updates.

Currently, I am only holding Willowglen, which closed unchanged at 80.5 sen.

My portfolio is currently registering a gain of 1.6 % since inception, and has still outperformed the benchmark KLCI by 8.1%.

This article first appeared in The Edge Financial Daily, on January 22, 2015.