The past few weeks were disaster for the market. Luckily the local funds managed to prop up the market and stop the slide. As I said in the last post, the market will continue to be volatile for the next one or two years. So cash will be handy soon. I think the oil price has sort of stabilized at 50-60 USD level and will not drop any further because if it drops further, even the Saudis will be hurt badly.
During this month, I have actually done some transactions. However, due to the activities at the new company, I did not have time to update till today. Last week I sold off the 5000 units of SunREIT @ RM1.50 and then added 2000 units of SK Petro @ RM 2.25 into Huat Fund.
This is an opportunistic (aka risky) buy and I did not do much research beforehand. All I know about SK Petro is that it is one of the biggest integrated oil & gas services and solution provider. Yes, the oil price has halved in this year but the share price has plunged from RM4.96 to the RM2.00 at one point. See picture below. I suspect the gigantic slide in SK Petro share price is due to the high foreign shareholding too. I see some rebound in SK Petro soon=).
Huat Fund looks like this as of today: