ASIAN markets traded broadly lower on Thursday. The Shanghai Composite Index was down 0.95% after China cut its economic growth target by 0.5% to 7%. This followed overnight losses for US stocks, which retreated further from record high levels as sentiment was generally subdued amid a mixed batch of economic data. The Dow Jones Industrial Average and S&P 500 fell 0.58% and 0.44%, respectively.
In the oil markets, Brent crude was trading higher at around US$61 per barrel while WTI crude hovered around US$52 per barrel, at the point of writing.
The local bourse was among the top losers in the region. The FBM KLCI closed 19.45 points or 1.07% lower at 1,806.09 yesterday. Overall market breath was negative, with declining stocks beating advancers by roughly 2-to-1 ratio.
Yesterday I bought shares in the following companies, after they exhibited positive momentum based on our proprietary algorithm:
- SCGM: 4,000 shares at RM2.47
- Inari: 3,100 shares at RM3.25
I also disposed my entire stake in the following companies, making a return of 7.0%:
- Jiankun: 30,000 shares at 37 sen
- Complete: 11,400 shares at 90.5 sen
My portfolio now has a total value of RM100,064 and is up 0.1% on the initial capital of RM100,000. It has outperformed the FBM KLCI by 4.6% since inception.
This article first appeared in The Edge Financial Daily, on March 6, 2015.