Markets appear to be hanging around for the next pick up. Locally, the market leaders seem to be petering out for now. Market leaders are important as they guide the sentiment and direction of a speculative rally. We had KNM leading the pack, and that was taken over by SAAG and Talam kind of hogged the limelight, but mind you these are very very low priced penny shares. Ramunia, Compugates, Mulpha and Kinsteel are all false leaders. I would be careful of Kinsteel as their operators were the most savy over the pre listing of Perwaja, the subsequent listing of Perwaja, and the massive shares dumping after the quotation. They are very savvy operators, and they have been picking up both Perwaja and Kinsteel on the cheap for the past 6 months, so if you want to give them your money, go ahead. I don't mind operators, all markets have stock operators, but not those that are terribly ruthless.
There are tons of news everyday, we need to sift out the ones we need to pay attention to. HSBC said that its first quarter pretax profit was substantially higher compared to a year ago due to $6.6bn of accounting gains. The mark to market caused many to report depressed losses over the last few quarters. Now the tide is turning a bit and some of those will be written back. The key statement by S&P analyst was that "the most significant and positive development in our view, is that impairments in the US were slightly lower than management had expected".
p/s photo: Angelababy
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