Off Market Transactions On KLSE (11 July 2008)

Stock	Dir-Vol	Dir-Val	Av-Price
SAUJANA	20,863,000.00	20,860,400.00	1
RAMUNIA	9,700,000.00	14,938,000.00	1.54
SAAG	2,500,000.00	925,000.00	0.37
ASUPREM	1,024,900.00	461,205.00	0.45
IOIPROP	1,000,000.00	4,150,000.00	4.15
CNI	652,280.00	169,592.80	0.26
MINPLY	625,000.00	250,000.00	0.4
BIOSIS	500,000.00	150,000.00	0.3
KNM	300,000.00	1,800,000.00	6
ENGTEX	200,000.00	156,000.00	0.78
MRCB	172,000.00	185,760.00	1.08
FRB	145,000.00	109,475.00	0.755
MAGNA	120,000.00	396,000.00	3.3
COMMERZ	100,000.00	805,000.00	8.05
PICORP	70,000.00	44,100.00	0.63
EUROSP	6,000.00	4,800.00	0.8
MELATI	3,000.00	3,150.00	1.05
LDAUN	2,000.00	2,400.00	1.2
OKA	1,500.00	600.00	0.4
MAYBULK	250.00	900.00	3.6

Bursa Malaysia Share Market VolumeLowest Level This Year

KUALA LUMPUR: Investors continued to stay on the sidelines Thursday amid global and domestic uncertainties. Market volume fell to its lowest level this year.

Share prices on the Bursa Malaysia failed to sustain positive momentum from the previous trading day. Sentiment was likely affected by renewed losses on Wall Street overnight.

US stocks closed broadly lower. Investors are nervous on what the upcoming corporate reporting season will unveil, especially for the battered financial sector. Key US stock indices have fallen by over 20% from the high of last year. And market analysts remain clueless on where the market is next headed.

In the absence of strong fresh leads, sentiment in financial markets was, by and large, ambivalent. Relevant bellwether indices in key Asian markets traded mixed. The markets in Japan, Taiwan, South Korea and Hong Kong ended marginally higher while Singapore closed in the red.

The KL Composite Index opened in negative territory and dropped by as much as 10 points in early trading. Although the benchmark index then climbed higher and was briefly in positive territory, buying support petered out after the break. Selling pressure reemerged amid thin volume, pushing prices broadly lower.

Market breadth was in the red for the better part of the day. At the close, losing stocks outnumbered gaining ones by a ratio of about three to two. Some the top losers for the day were MISC-foreign, MPI, IJM, Tanjong plc and Genting. The KLCI ended the day four points lower at 1,135.5 points.

Market volume contracted further on Thursday. Less than 291 million shares were traded, down from an average of 417 million shares in the three preceding days. Resorts World, IOI Corp, Gamuda and AirAsia were some of the day's most actively traded stocks.

It is more than likely that investors will remain on the sidelines in the coming days, and perhaps weeks.

Off Market Transactions On KLSE (10 July 2008)

Stock	Dir-Vol	Dir-Val	Av-Price
INSAS	15,275,775.00	5,193,763.50	0.34
EDEN	2,878,000.00	1,050,470.00	0.365
ASB-LA	2,600,000.00	117,000.00	0.045
TDEX	1,500,000.00	352,500.00	0.235
PICORP	1,325,900.00	864,446.50	0.652
PRDUREN	1,289,800.00	580,410.00	0.45
SCN	1,100,000.00	110,000.00	0.1
LUXCHEM	500,000.00	360,000.00	0.72
IRMGRP	373,100.00	111,930.00	0.3
MLAB	370,000.00	37,000.00	0.1
N2N	300,000.00	150,000.00	0.5
EKOVEST	214,000.00	218,280.00	1.02
DAYANG	165,000.00	181,500.00	1.1
BORNOIL-WB	160,000.00	11,200.00	0.07
MAEMODE	124,100.00	167,535.00	1.35
PERISAI	120,000.00	124,800.00	1.04
MRCB	100,000.00	114,000.00	1.14
QSR	100,000.00	240,000.00	2.4
COMMERZ	100,000.00	815,000.00	8.15
GENTING	43,000.00	242,950.00	5.65
BKAWAN	38,149.00	343,341.00	9
ORIENT	24,188.00	118,037.44	4.88
MUIPROP	15,063.00	2,108.82	0.14
MUIIND-LA	10,842.00	2,005.77	0.185
MUIIND-LB	10,842.00	1,843.14	0.17
TALAM-PA	10,167.00	254.17	0.025
AIRASIA	10,000.00	9,200.00	0.92
TALAM	9,883.00	1,581.28	0.16
TITAN	8,900.00	10,858.00	1.22
KEURO	8,086.00	1,778.92	0.22
KUCHAI	5,003.00	3,702.22	0.74
IRCB	4,462.00	1,427.84	0.32
PJDEV	4,000.00	2,160.00	0.54
TASEK	3,501.00	14,354.10	4.1
ESSO	3,267.00	6,730.02	2.06
BAT	3,164.00	118,650.00	37.5
AFG	2,691.00	6,323.85	2.35
FABER	2,255.00	1,623.60	0.72
SDRED	1,768.00	945.88	0.535
ZELAN	1,749.00	3,183.18	1.82
PARAMON	1,500.00	2,925.00	1.95
LMCEMNT	1,028.00	3,741.92	3.64
TANJONG	1,000.00	11,400.00	11.4
KLK	967.00	13,538.00	14
APLAND	733.00	201.57	0.275
EKRAN	714.00	99.96	0.14
TEBRAU	667.00	286.81	0.43
UAC	546.00	1,834.56	3.36
PPB	523.00	4,576.25	8.75
PANAMY	425.00	4,335.00	10.2
IJMPLNT	375.00	1,143.75	3.05
CCM	357.00	885.36	2.48
MAYBANK	219.00	1,412.55	6.45
SHELL	178.00	1,717.70	9.65
GNEALY	146.00	645.32	4.42
LINGUI	94.00	112.80	1.2
KULIM-WB	46.00	230.00	5

Bursa Malaysia Index up due to mild bargain hunting

KUALA LUMPUR: Share prices on the Bursa Malaysia traded on a firmer footing Wednesday. After chalking up eight consecutive days of losses, the KL Composite Index finally regained some lost ground.

Sentiment was more positive on the back of Wall Street's overnight gains. The Dow Jones Industrial Average was up by some 150 points. Investor confidence was bolstered by the drop in crude oil and commodities prices, which eased inflationary fears.

Shares, battered by negative developments over the past two weeks, have also fallen to more attractive price levels. That encouraged some mild bargain hunting. Select blue chip stock gains led the KLCI sharply higher.

Having said that, the worst does not appear over, yet. Investor confidence remains in a very fragile state and is vulnerable to more volatility. Indeed, market volume on Wednesday was relatively thin. Less than 387 million shares changed hands. This suggests that while there is some nibbling, investors are far from convinced that gains can be sustained.

The same can be said for oil prices. Crude oil futures traded on the New York Mercantile Exchange rose again Wednesday after having fallen back to about US$136 per barrel in the previous two days. Iran's test-firing of missiles renewed fears of supply disruptions at a time when global inventory is very tight.

The KLCI added almost 19 points to close at 1,139.8 points. Among the big gainers were Tanjong plc, MISC-foreign, Tenaga Nasional, Genting, IJM, Bursa Malaysia and Bumiputra Commerce. Market breadth was in positive territory through the trading day. At the close, gaining stocks outnumbered losing ones by a ratio of roughly two to one.

AirAsia was the most actively traded counter for the day. The stock gained 2 sen to 84.5 sen. Other actives include IOI Corp, Gamuda, Resorts World and Scomi. Panasonic Malaysia was the day's biggest loser.

Off Market Transactions On KLSE (09 July 2008)

Stock	Dir-Vol	Dir-Val	Av-Price
ALAM	3,500,000	7,330,000	2.094
ISYODA	3,000,000	2,130,000	0.71
APM	2,400,000	4,848,000	2.02
DUTALND-WA	2,040,000	805,800	0.395
OSKPROP	1,601,100	880,605	0.55
INSAS	1,464,900	512,715	0.35
SUMATEC	900,000	369,000	0.41
DUTALND-LA	645,245	248,419	0.385
MMODE	500,000	40,000	0.08
MERCURY	487,000	150,970	0.31
PICORP	340,000	227,800	0.67
FRB	267,000	200,250	0.75
MQTECH	250,000	24,750	0.099
MPHB	141,000	177,660	1.26
EMICO	128,000	44,160	0.345
KNM	110,000	699,000	6.355
IJM	100,000	540,000	5.4
DIALOG	60,000	63,600	1.06
UEMWRLD	50,000	144,000	2.88
VS	12,750	22,058	1.73
PERISAI	10,000	10,400	1.04

Bursa Malaysia Index falls as regionals weaken yesterday

KUALA LUMPUR: Shares on Bursa Malaysia extended their falls again on Tuesday, as bearish investor sentiment continued to envelop the local and regional bourses.

The KLCI had originally started on a positive footing, gaining as much as nine points in early trading, spurred by bargain hunting activities and a sharp overnight fall in crude oil prices. Crude oil prices had fell by nearly US$4 to just under US$141.37 (RM466.52) per barrel on Monday.

However, those gains could not be sustained as regional markets weakened considerably as the day progressed, with large losses in Hong Kong, Japan and Singapore.

The KLCI fell into negative territory in the afternoon session, and ended the day six points lower at 1,121.3 points. Market breadth was negative with declining stocks beating advancing ones by a 7-to-5 ratio. Trading volume rose slightly from 413 million to 450 million shares.

The day's most actively traded stocks include Gamuda, Scomi, IOI Corp, Sime Darby, TM, MRCB and Resorts. Plantation stocks were the biggest losers as commodity prices in general have fallen sharply in recent days, taking their lead from crude oil. Major losers include KL Kepong, United Plantations, Asiatic, Kulim and Sime Darby. Gainers include Panamy and TMI.

Sentiment among global investors remains bearish. Investors are being troubled by persistent uncertainties, both domestically and globally. Long standing external concerns over the health of the US economy, high crude oil prices and rising inflationary pressures remain. There is no evidence to suggest that prevailing trading conditions are about to change anytime soon.

While the external economic picture has been murky for a while, these problems are being compounded by recent domestic political developments that have created more uncertainties. The confluence of these factors is likely to keep investors sidelined in the near term with most local investors adopting a wait-and-see attitude.

Off Market Transactions On KLSE (08 July 2008)

Stock	Dir-Vol	Dir-Val	Av-Price
COMPUGT	25,000,000	3,000,000	0.12
ASAS	5,095,700	3,516,033	0.69
APM	4,722,200	9,208,290	1.95
BSTEAD	4,462,700	21,885,081	4.904
INNITY	4,000,000	1,160,000	0.29
MUTIARA	2,000,000	1,700,000	0.85
SUPPORT	2,000,000	1,990,000	0.995
INSAS	1,265,519	442,932	0.35
ENVAIR	1,035,400	279,558	0.27
MEDAINC	1,020,000	102,000	0.1
SUNRISE	1,000,000	1,500,000	1.5
PRDUREN	1,000,000	405,000	0.405
GKENT	895,000	402,750	0.45
SDRED	650,000	390,000	0.6
DBHD	610,000	85,400	0.14
CARLAW	600,000	3,000	0.005
TWS	572,200	2,586,344	4.52
TA	505,000	401,475	0.795
PICORP	347,000	235,960	0.68
HARBOUR	321,700	218,756	0.68
BCTTECH	284,900	42,735	0.15
MRCB	261,000	261,000	1
CBIP	253,200	914,305	3.611
UEMWRLD	200,000	562,000	2.81
KNM	200,000	1,200,000	6
SIME	197,213	1,705,850	8.65
EKOVEST	180,000	183,600	1.02
PERISAI	180,000	180,000	1
IOICORP	125,000	875,000	7
SUNCITY	100,000	240,000	2.4
BURSA	100,000	695,000	6.95
KLUANG	95,400	224,190	2.35
SBAGAN	68,000	182,240	2.68
RHBCAP	50,000	219,000	4.38
ORIENT	48,377	236,080	4.88
CAROTEC	36,000	9,576	0.266
KENCANA	34,000	61,200	1.8
MUIPROP	30,125	4,368	0.145
BKAWAN	26,000	241,800	9.3
TGOFFS	23,000	45,770	1.99
MUIIND-LA	21,685	3,686	0.17
MUIIND-LB	21,685	3,578	0.165
TALAM-PA	20,333	508	0.025
DRBHCOM	20,300	19,082	0.94
TALAM	19,766	3,064	0.155
UMCCA	17,500	132,125	7.55
KEURO	16,172	3,639	0.225
AIRASIA	15,000	13,050	0.87
KUCHAI	10,007	7,505	0.75
IRCB	9,005	2,794	0.31
PJDEV	8,000	4,200	0.525
TASEK	7,002	28,708	4.1
ESSO	6,533	13,262	2.03
BSDPROP	6,417	31,572	4.92
BAT	6,328	239,198	37.8
AFG	5,383	12,973	2.41
BOLTON	4,000	2,980	0.745
ZELAN	3,497	6,260	1.79
LMCEMNT	2,057	7,570	3.68
TANJONG	2,000	22,800	11.4
KULIM	2,000	17,200	8.6
KLK	1,934	29,203	15.1
SYMPHNY	1,600	448	0.28
EKRAN	1,428	193	0.135
UAC	1,092	3,778	3.46
PPB	1,047	9,632	9.2
FABER	1,000	770	0.77
PANAMY	851	8,850	10.4
IJMPLNT	750	2,385	3.18
CCM	713	1,797	2.52
SHELL	357	3,481	9.75
GNEALY	291	1,379	4.74
LINGUI	187	226	1.21
PBBANK	123	1,230	10
KULIM-WB	93	544	5.85
JLAND	30	29	0.96

Share buyback time?

KUALA LUMPUR: With a host of public-listed companies across the sectors actively buying back their shares, their nervy investors might be wondering if it is the right thing to do, what with the Kuala Lumpur Composite Index (KLCI) yet to find its bottom.

With the benchmark index way below the 1,200-point psychological mark, the share buyback might send contradictory signals to investors on the company’s near future, such as slipping financial results, aborted acquisitions and lack of investment opportunities.

Investors may also perceive the drop in the KLCI to mean that share prices of certain stocks would further lose steam and would only nibble at the shares if there are significant discounts.

In general, the share buyback in the prevailing market condition could further dampen investor sentiment and also mean that companies are paying too much for their own shares in a falling market.

However, some market observers beg to differ, viewing the buyback as an active way to increase the value of shares in the market.

The KLCI was volatile last week, falling 21.13 points to 1,153.70 last Wednesday and dropping an additional 19.56 points to close at 1,134.14. last Friday.

Some of the heavyweights that announced share buybacks recently were Genting Bhd, Bumiputra-Commerce Holdings Bhd (BCHB) and YTL Corporation Bhd.

Genting bought 3.7 million shares for a total of RM19.92 million at an average price of RM5.35 each from June18 to 20.

BCHB bought back 2.85 million shares for RM23.7 million at an average price RM8.175 per share from June19 to 27 while YTL had, from June 16 to 20, bought back 1.29 million shares for RM9.29 million at an average price of RM7.20 apiece.

Companies that joined the buyback spree last week but on a smaller scale include Ann Joo Resources Bhd, CB Industrial Product Holding Bhd, Glomac Bhd, Ahmad Zaki Resources Bhd and Parkson Holdings Bhd.

An analyst said share buyback was an effective means to reward shareholders. He said it was usually used to deploy excess cash flow as the company might have reasons to believe that it was unable to utilise the surplus cash to earn higher than the company’s cost of capital.

“Share buyback happens all over and companies in the US and UK usually have share buyback when they have surplus cash,’’ the analyst added.

He also said share buyback was an indication that a company was confident of its own share price, adding that the KLCI volatility had little nexus with share buyback by financially prudent companies.

Meanwhile, a broker said share buyback should also be balanced with a fair amount of dividends to be declared to shareholders.

He pointed out that buyback generally enhanced shareholder value as the laws of supply and demand would suggest that with fewer shares on the market, the share price would tend to rise.

The broker also said investors should look at the fundamentals of the companies undertaking a share buyback, noting that the buying appetite should not be affected by the dipping of the KLCI. which in turn was largely affected by the surging crude oil price and political issues.

A remisier also noted that the benchmark index’s fall was partly due to selling on particular stocks.

“Investors should not view the KLCI’s drop as a bad time to pick up stocks of companies with share buyback but instead look at the value of share buyback as a tool for capital management,’’ she said.

Bursa Malaysia (KLSE) still frayed on first day of the week

KUALA LUMPUR: Investor interest in the local bourse was still weak at the start of the new week. Market volume remained relatively thin as investors opt for a wait and see attitude. There was no major movement, either way. Even firmer sentiment in key regional markets failed to lure many back into the fray.

Asian stock markets traded mostly higher on Monday. Share prices were likely bolstered by bargain hunting activities following last week's sell off - and the absence of any strong fresh lead. The US stock market was closed last Friday for the Independence Day celebrations.

Nevertheless, investors, by and large, are more than likely to stay jittery in the coming days. Market observers will be looking to the upcoming US corporate reporting season for clues on how businesses fared in the last quarter. More importantly, they will be poring over guidance and forecast statements from these companies on the outlook for the rest of the year.

The KL Composite Index opened in tentative trading before sellers gained the upper hand. Market breadth fell into the red, where it stayed for the rest of the day. The benchmark index was also in negative territory for the better part of the day.

Gamuda was, by far, the most heavily traded counter Monday. The stock gained 8.8% to RM2.47 on the back of news reports that it may be a takeover target for private equity investors. There were also speculations the company may be taken private. Gamuda was also one of the big gainers for the day.

The rest of the market remained thinly traded. Total market volume came up to about 413 million shares. At the close, there were seven losing stocks for every five gaining ones. The KLCI ended the day nearly seven points lower at 1,127.3 points. Leading the big losers were blue chips such as KL Kepong, PPB, Tanjong plc and Public Bank-foreign.

Off Market Transactions On KLSE (07 July 2008)

Stock	Dir-Vol	Dir-Val	Av-Price
MODULAR	4,837,810	715,996	0.148
PICORP	2,497,700	1,795,999	0.719
KNM	1,100,000	6,505,000	5.914
REDTONE	1,011,500	348,968	0.345
PLS	1,000,000	750,000	0.75
ASTRO	554,000	1,783,880	3.22
HUPSENG	500,000	640,000	1.28
ITRONIC	419,600	293,720	0.7
ASUPREM	350,000	173,250	0.495
MINPLY	346,200	145,404	0.42
EPMB	300,000	117,000	0.39
WZRB	300,000	108,000	0.36
MAEMODE	278,400	375,840	1.35
MRCB	172,000	185,760	1.08
TGOFFS-WA	130,760	179,141	1.37
MJPERAK	121,000	29,040	0.24
YNHPROP	100,000	181,500	1.815
AMMB	100,000	324,000	3.24
QSR	100,000	240,000	2.4
EONCAP	55,500	243,090	4.38
SHCHAN	50,000	23,000	0.46
MMCCORP	40,000	101,200	2.53
AIRASIA	15,000	13,050	0.87

Bursa Malaysia Market Outlook by Bill Wermine

Fear, panic, doom and gloom is reaching an extreme in Malaysia as well as the world . EWM, the Malaysia exchange traded fund listed on the NYSE which represents a basket of the high quality blue chip Malaysia shares recorded the highest short interest since trading stated in 1996. That means short sellers are holding a massive short position betting that the Malaysia stock market will collapse. Discount between NAV and price is over 3.3 %, a historical extreme.

On Friday local investors paniced sold based on political uncertainty and a computer glitch which shut the KLSE system down.

These are contrary indicators and in my opinion means we are closer to a bottom than the top. A computer failure has no relation to stocks with strong cash flows, steady and rising dividends and earnings and solid managements.

Observe the Thursday closing price bar on the right edge of the EWM chart. High volume, wide spread with a long tail. It shows someone was buying into the panic. Remember over 80 % of volume in any given day is by professional smart money operators. Could be a base of support is building.

A solution to hyperinflation, currency devaluation and stock market volatility.

We will have 2 Man Hedge Fund briefings- one in Kuala Lumpur and the other in Penang. The KL event will be at the Hilton Hotel PJ Wednesday 9 July at 7 PM while the Penang event will be at the Evergreen Laural Hotel, 10 AM. on Saturday 12 JUly. At 1 PM will hold a class reunion for graduates of our Master the Markets program after the Man presentation.

These events are fully booked . Those who registered with Julie or emailed me about 60 of you should get a seat. Advise those who wish to come to come early. Martin and I will be in the lobby should there be a problem with your registration. Bring a copy of your IC and checkbook. Minimum investment is RM 50,000.

Over 46 of our traders club members have invested with us over the last year and many who have been with us for the last 6 months or longer have earned net returns of over 22 % Martin and I have invested our funds in Man.

State of the US economy which supports the hyperinflation scenario and more US dollar weakness.

Food banks across America are overwhelmed and breadlines/ soup kitchens are forming in all major US cities. ( last time this happened was in the 1930 great depression)
In San Diego, people are giving up their pets because they can not afford to feed them.
Parking lots have been converted to hostels in Santa Barbara, so that those who have lost their homes can live in their cars.
Tent cities are growing accross America for a massive increase in homeless.
Home foreclosures are up 48 % year on year.
The credit crises is destroying the capital base of most institutions.
The Dow Jones at 14,000 in October has broken 12,000 and on its way to 11,200.
Violent weather in the Midwest has devistated the corn and soybean growing areas.
Global inflation is out of control at the same time interest rates are starting to rise.
The US government is fractured and paralized unable to deal with the multitude of crises scenarios before them.
Then throw in the problems with Iran and the future level of the US Dollar.

Despite what Bernenke says do not expect the USauthorities to raise interest rates to support the dollar

Little known fact about crude oil

Golman Sachs is the largest crude oil trader in the world. They have forecasted USD 200 crude. Henry Paulsen, Secretary of the Treasure in the US used to head Goldman Sachs- he has many friends and connections there. Do you think he will pull the plug on the oil market and hurt his insider friends as well as the oil industry who are the biggest supporters of George Bush? Only when the US voters throws out the Bush administration in the November election can you hope for any relief in oil prices. It is not in Paulsen and Bush's financial interests for lower prices any time soon.

In the meantime you can ride the oil price boom by investing in the Man Hedge Fund. They have made a lot of money for my Traders Club members riding the energy trends. this year. When Obama wins in November. oil may collapse and Man will by their investment mandata be able to operate the short side

Hope to see you Wednesday or Saturday in Penang
Bill