Tuesday, January 09, 2007

Market Commentary

I had expected the market to drift lower but the KLCI rebounded 5.9 points to close at 1,118.96 with some 10,561 lots traded. The high of the day was 1,121.60 and the low was 1,113.99.

The upside resistance is quite strong. Unless the volume improve substantially, it will be difficult to push through this resistance.

VADS did well and put on another 30c to close at 6.95 after a high of 7.05. Relatively, the volume traded at 2,091 lots was high. The share is poised to go higher.

I-Power improved 13c to close at 1.23 with moderate turnover of 53,150 lots. A marubozu white candle occurred. This is a bullish sigh. More on the upside is expected.

Toyochem, a normally quiet counter, is moving up nicely. There is value in this counter. Keep it in view.

As usual, the writer disclaims all liability for your perusal of his comments.

Good Luck.