Sesa: The Market Is Stabilizing

On Bloomberg news: Sesa to More Than Triple Ore Output on China Demand

• By Debarati Roy
  
  Oct. 21 (Bloomberg) -- Sesa Goa Ltd., India’s biggest iron- ore exporter, will more than triple production because of a rebound in prices and demand from China and diversify into making steel, Managing Director P. Mukherjee said.
  
  Output will be increased to 50 million metric tons from the current 15 million tons in the next two to three years, P. Mukherjee said in an interview. The Goa-based company is increasing production at its existing mines and looking to acquire reserves in India and overseas, he said.
  
  China, the world’s biggest consumer of iron ore, may buy 20 percent more than forecast next year, the Canberra-based Australian Bureau of Agricultural and Resource Economics said on Sept. 22. China may import 637 million tons of ore in 2010, compared with a June prediction of 529 million tons.
  
  “The market is stabilizing,” Mukherjee said late yesterday, after the company announced a 51 percent drop in second-quarter profit. Prices, which fell to an average $50 a ton in the quarter from $95 a year ago, are improving, he said.
  
  Sesa shares fell as much as 8.9 percent to 316.60 rupees and traded at 329.55 rupees as of 10:05 a.m. in Mumbai. The stock has more than quadrupled this year, compared with a 78 percent gain in the benchmark Sensitive Index.
  
  Steel Slabs
  
  Sesa Goa has shortlisted some locations to set up a 1 million ton plant to produce steel slabs in the eastern state of Jharkhand, Mukherjee said, without giving investment and time details. Steel slabs are made into steel plates and strips.
  
  Profit declined to 1.66 billion rupees ($36 million) in the three months ended Sept. 30 from 3.37 billion rupees a year earlier, Sesa Goa said in yesterday’s statement. Revenue fell 32 percent to 6.32 billion rupees, while volume sales rose 17 percent, Mukherjee said.
  
  Iron-ore swaps for settlement this month traded at $85.25 a ton yesterday, according to SGX AsiaClear over-the-counter prices from Singapore Exchange Ltd.
  
  China’s steelmakers are buying more iron ore, their main raw material, as the government implements a $586 billion stimulus spending. The economy is forecast to expand 8.2 percent this year, compared with a March estimate of 7 percent, the Asian Development Bank said last month, easing concern that the nation may slow raw-material imports.
  
  The Baltic Dry Index, a measure of shipping costs for commodities, rose on rising shipments of iron ore to China. The index tracking transport costs on international trade routes gained 66 points, or 2.4 percent, to 2,832 points on Oct. 20, according to the Baltic Exchange. Charter rates for capesize ships, most commonly used to haul iron ore, added 5.4 percent to $44,268 a day

Yeah, as mention in the posting, Baltic Dry Index Stages Strong Rebound ( see also Baltic Dry Index May Surge More Than 80 Percent! ), BDI had been a tear lately.

Trading: Is success guaranteed from INSIDER NEWS/TIPS?

Ah.. highly interesting development from the Galleon saga and here is the most interesting question from the saga.

Is success guaranteed from INSIDER NEWS/TIPS?

On CNBC: http://www.cnbc.com/id/33413204

• Raj Rajaratnam, the authorities say, masterminded one of the biggest insider-trading schemes in a generation.
  
  But if Mr. Rajaratnam was trading on insider information, apparently he was not very good at it.
  
  A close examination of the trades that led to his arrest last week reveals a startling fact: In all, Mr. Rajaratnam lost millions from what prosecutors characterize as illegal trading.

!!!

• One bad trade, in the shares of the chip maker Advanced Micro Devices, cost his hedge fund, the Galleon Group, $30 million. That loss more than wiped out the profits that prosecutors claim Mr. Rajaratnam and his accomplices reaped with their scheme.
  
  Prosecutors highlighted the winning trades in a case that they say stretched from the secretive world of hedge funds to some of the country’s biggest technology companies. They did not mention the losers.

LOL!

Irony.

In chats and forums, folks tend to highlight only their winning trades.

And yes, no one mention them losers!

• Profitable or not, insider trading is insider trading. And Mr. Rajaratnam, who maintains he is innocent, might have broken the law even if he lost money on his trades.
  
  But the fact that some of the investments soured, and that, in all, Mr. Rajaratnam lost money, could be powerful evidence for defendants. Inside information is, by definition, information that is material to investors, and thus could cause a company’s stock to move in a direction that will be obvious in advance.
  
  For example, if a company’s stock is trading at $75 and someone learns that the company will be taken over for $100 a share, that information would be material. But routine corporate news — a retailer announcing new store openings, for instance — is generally not considered material.
  
  “The violation is trading on material nonpublic information,” said Robert A. Mintz, a former federal prosecutor who now heads the white-collar defense practice at the law firm McCarter & English. “There’s no requirement that that trade results in a gain to the defendant. But if it turns out to have been a money-loser, it obviously gives the defense some fodder to argue that the information was not material.”
  
  Utpal Bhattacharya, a professor at the Indiana University Kelley School of Business and the co-author of a study on insider trading convictions from 1995 to 2004, said that convicted defendants had profited in every one of the cases he examined.
  
  “A loss is likely to weaken the prosecution’s case,” Mr. Bhattacharya said. But he added that prosecutors had wiretaps in which defendants expressed concerns about their actions, which could strengthen the case.
  
  A spokesman for the United States attorney’s office in Manhattan said the office could not comment beyond the criminal complaint or press statement from last week.
  
  That statement refers in its headline to a “$20 million insider trading case” and explains that Mr. Rajaratnam and other defendants “are charged in insider trading schemes that together netted more than $20 million in illegal profits.”
  
  A one-page graphic released by prosecutors mentions six trades made by Mr. Rajaratnam that netted Galleon, his hedge fund, total profits of $20.6 million.
  
  Missing from that handout is a 2008 trade that moved badly against Mr. Rajaratnam and Danielle Chiesi, who also is charged in the fraud case. Ms. Chiesi worked at New Castle Funds, another hedge fund, and is accused of supplying insider information to both Mr. Rajaratnam and New Castle.
  
  From August 2008 to October 2008, Mr. Rajaratnam ordered Galleon to buy at least 16 million shares of A.M.D., a computer chip maker, according to the federal criminal complaint against him and a related complaint by the Securities and Exchange Commission.
  
  During the same period, New Castle bought about 2.5 million A.M.D. shares, according to another criminal complaint that focuses on Ms. Chiesi.
  
  Galleon and New Castle bought the shares because Mr. Rajaratnam and Ms. Chiesi received information from an I.B.M. executive in August that the government of Abu Dhabi would invest billions of dollars in A.M.D. as part of a deal for A.M.D. to spin off its manufacturing facilities, according to the complaints.
  
  But the possibility of a deal between A.M.D. and Abu Dhabi had been rumored before Galleon and New Castle began buying.
  
  “Some analysts speculate that the spinoff will require a substantial investment from the government of Abu Dhabi,” The Austin American-Statesman reported on July 18.
  
  Galleon spent $85 million to $90 million on the 16 million share purchases that are disclosed in the two complaints, an average of about $5.50 a share. But as global stock markets plunged in September and October, A.M.D. shares sank too. By Oct. 6, Galleon’s shares in A.M.D. were worth only about $68 million, a loss of roughly 25 percent. On Oct. 7, A.M.D. announced its deal with Abu Dhabi. Its stock closed about 8 percent higher that day, but was still significantly lower than Galleon’s purchase price.
  
  Galleon then held on to nearly all its A.M.D. stock after the deal was announced, and A.M.D. stock resumed its plunge during the rest of October.
  
  The criminal complaint acknowledges that “most of the shares, however, were held until at least later in October 2008,” at which point A.M.D. stock was trading between $3 and $4 a share and Galleon had lost about $30 million. A person close to Galleon confirmed the figure.
  
  The fact that Mr. Rajaratnam lost money on the trades could mean he and other defendants will receive a short sentence even if they are convicted, said Steven D. Feldman, partner in the white-collar criminal litigation practice at Herrick, Feinstein.
  
  “The higher the gain, the higher the recommended sentence,” he said.
  
  Mr. Feldman added that prosecutors might choose to remove the A.M.D. transactions if and when they formally indict the defendants.
  
  Mr. Rajaratnam and the other defendants were arrested last week on a complaint from prosecutors. They have not been formally indicted, a procedure that requires a grand jury’s vote.
  
  Mr. Feldman, who once worked as an assistant federal prosecutor in the securities fraud department in Manhattan, said the lack of an indictment, as well as the fact that there were two separate complaints, indicated that the investigation might have been chaotic at the end.
  
  “Traditionally, you’re going to want to bring these cases by indictment,” Mr. Feldman said. “The fact that they didn’t is evidence they were rushed.”
  
  This story originally appeared in the The New York Times

Warren Buffett's Comments On US Economy

On CNBC: http://www.cnbc.com/id/33404047

• "I am not sure about exact quarters or anything of the sort. Who knows about next week or next month? We made enormous progress since a year ago. We had a real panic. And if you didn’t panic, you didn’t understand what was going on. What happened in September and October of 2008 will particularly be remembered for a long, long time. And while the governmental authorities malign things sometimes, they fortunately did some very right things, very important things. They did them properly, and they kept us from going over the cliff. The fallout from that financial panic hit the regular economy in the fourth quarter like a ton of bricks. We are coming back from that. The patient really went into the emergency room and it won’t come out of the hospital entirely for a while."

Mohnish Pabrai: There's Only One Warren Buffett

Here's a wonderful interview on Mohnish Pabrai. Enjoy!

• Mohnish Pabrai currently manages Pabrai Investment Funds, which he founded in 1999. The fund has around half a billion dollars in assets under management. Pabrai went to the US in 1982 to do his undergrad in computer engineering. After that, he worked with Tellabs in Chicago. In 1990, he started his own company TransTech, an IT services/system integration business and ran that for around ten years, before starting Pabrai Investment Funds. He has written a book on investing, The Dhandho Investor: The Low-Risk Value Method to High Returns. Excerpts from an interview:
  
  How did you get into investing business from information technology?
  Around 1994 I heard about Warren Buffett for the first time accidentally. The first couple of biographies about him had just been published a year or two before that. I read those books and I was quite blown away by some data points that were coming out about him and the industry and so on. I didn’t have any experience or even education in the investment business. But I was very intrigued by it.
  
  I started to invest in the public equity markets using Buffett’s model in 1994 and basically did extremely well, north of 70% a year, till about 1999. I was getting more and more interested in investment research and securities analysis and made a decision to leave my company. I brought in an outside CEO and decided that I would spend more time on investing and at the same time some friends of mine wanted me to manage their money for them. It started as a hobby in 1999 with about a million dollars from eight people. About a year later the business (TransTech) actually got sold, I wasn’t running it anyway, but I was completely cashed out. And then I thought that let’s make my hobby a real business, try to scale it up and get investors. We now manage about $500 million — ten years later.
  
  How did you narrow down on Warren Bufett and value investing?
  Basically in 1994, when I read about Buffett, there were two things that stood out. One was that he had compounded money at a very high rate. If you are compounding at a high rate, even if you have a small amount of money — let’s say a million dollars — in thirty years you could have a billion dollars. So the idea of compounding at a rate above the market rate is an extremely fine notion because it can lead to enormous wealth creation. That was the first thing.
  
  The second thing was that the way Buffett was compounding money at a rate higher than the market was based on a core wisdom which he stood for. If you are physicist, whether you believe in gravity or not, it will always impact you. Just like there are laws of physics, laws of gravity, there are laws of investing.
  
  I noticed in 1994 that the mutual fund business had two things: one, they did not follow the laws of investing, and two, their results were affected by the fact that they did not follow the laws of investing.
  
  For example, a basic law of investing is that you make very few bets, you don’t buy a hundred companies because you are not going to have an understanding of business. But if you look at mutual funds, that is not the way they operate.
  
  So essentially, what you are saying is that investors should make fewer bets?
  So you make few bets, you make big bets, infrequent bets and you only make bets when the odds are heavily in your favour. What I found very funny was that here is a guy (Buffett) who is telling you very much the approach to investing he follows, and this is like Newton telling you the laws of physics. The second thing is that the investment industry does not care about these laws, and their results reflect it.
  
  The third conclusion I came to is, I said, OK, if what I am saying is right, what it means is that a person like myself, who has no experience in this industry, could come in and apply Buffett’s rules and do better than all these managers running all these funds. So I said, well, that hypothesis means nothing until you test it out. I had an asset sale take place of a part of my business in 1994, and I had about million dollars in cash, sitting with me for which I did not have any need for.
  
  I decided I am going to take this million and put this on a twenty or thirty-year compounding engine. I was about 30 years old, I wanted to see if by the age of sixty I had my billion dollars. I started playing this thirty-year game in 1994, and basically I found that first of all, it was very enjoyable and second, that it’s been fifteen years now and the original hypothesis I had is absolutely correct — which is that the industry doesn’t get it, they still haven’t changed their ways, and there results reflect that.
  
  What are the factors you look at before deciding to invest in a company? Can you give us an example?
  The first thing you got to look at is, “I am not buying a stock, but I am buying a business.” And you only buy the business if you were willing to buy the entire business if you had money for it. So, for example, if Reliance Industries has a market cap of $100 billion and you had a $300 billion, the question you would ask yourself is, would I buy the entire business for a $100 billion?
  
  The first thing is that you are not buying pieces of paper, but you are buying an entire business. The second is that you ask yourself, do I understand the business? Do I truly understand how it will work, how it makes money, how will it do in the future?
  Then the third thing is, if Reliance produces $3 billion a year cash flow and it trades for $100 billion, I have no intention of buying it at 33 times cash flow. It is like I have no interest in putting money in an account that pays 3% interest.
  
  So I love Reliance, maybe, if the fair value of business is 15 times cash flow, which is $45 billion. And since I am cheapskate, I don’t want to buy it for more than half its fair value, so I just say to myself, that if it goes below $20 billion in value — or one-fifth the current price — then I will look at it again. In fact, that is the way to look at the Indian Sensex. You take all the Reliances, the Wipros and Infosyses of the world, chop their price by four, and that’s your entry price.
  
  What has been your most successful stockpick till date?
  You know that’s a very funny question. The most successful company I ever invested in is Satyam. I invested in 1995, and I was completely out by 2000. When I invested the stock was at Rs 40, and Satyam’s earnings at that time were about at Rs 12 a share, so you were buying a business for three-and-a-half times earnings. And the more interesting thing for me was that property the company had in Hyderabad exceeded the market capitalisation as it was carried at a value that was bought a long time ago.
  
  The only reason I knew about Satyam was because I was in the IT services space. These guys had actually visited us to see if they could do business together. And I had been pretty impressed by the way the business operated and the people I had met.
  
  I looked at it from my investment point of view after was amazed that such a business could trade at such a price. So I invested in Satyam. In 2000, it was trading at Rs 7,000, that is about a 150 times the price I bought it at. This was in the days before demat, and actually when I bought the stock with an account through Kotak that I had in Mumbai, I was given physical delivery of these shares that looked like tattered pieces of paper that were falling apart.
  
  Satyam from less than a PE of 3 to more than PE of 100. I just said I am out of it because now I owned a bubble stock even though I did not buy it at bubble price. I sold my entire position within 5% of the peak. Within six months it had dropped from Rs 7,000 to Rs 1,000, and continued on the sidelines for a while. That was the best deal that I ever made.
  
  I also happened to read somewhere that you wear shorts to work and do not as a matter of habit short stocks?
  Well, I am wearing shorts right now … the math for for shorting is really bad. When you are long on a stock, as it goes down in price, the position is going against you and it becomes a smaller portion of your portfolio. In shorting, it is the other way around: if the short goes against you, it is going to become a larger position of your portfolio. When you short a stock, your loss potential is infinite; the maximum you can gain is double your value. So why will you take a bet where the maximum upside is a double and the maximum downside bankruptcy?
  
  Also, any time you short a stock, you are hooked to a (stock price) quote machine for life support because you have to watch what is happening all the time. Many a times, when I am travelling in India, it could be several days when I don’t have a quote for any positions that I hold. So I don’t want to be a in a situation where I have an umbilical cord linked to some quote machine … and blood pressure going up and down.
  
  Do you have investments in emerging markets like India and China or do you stick to the stocks in the US market?
  I would say that most times a very large portion of our portfolio has a lot of exposure to the global market. I have (shares in) several companies in Canada. I own (shares in) one Chinese company and an Egyptian company, I don’t own any Indian companies right now, but I use to own Satyam. Also Pabrai Funds use to own Dr Reddy’s.
  
  You have said in the past that investment ideas come to you by reading a lot…
  An investor should think of himself as a gentleman of leisure. Don’t think that you are in some profession. You just think that you are a person who is focused on enjoying and living life well. If you focus on yourself as a gentleman of leisure what is going to happen is that you do not feel any compelling reason to act. It has been several months since I have bought any new stock. And that is not a problem because we went through a period in December when we bought ten stocks. The first thing is that we are in a profession were you don’t pay for activity, you get paid for being right. So there should be no compelling reason to act. Basically, the thing you do is you take out the reason to act.
  The second thing you do is you focus on acquiring worldly wisdom. I read an enormous amount of stuff and relate to what different investment managers who I respect are saying. So, at times, things become no-brainers.
  
  In the fourth quarter of last year, when everything was going to hell, one part of the market that went to extreme hell was commodity-related stocks. Commodity-related stocks absolutely got crushed. 95% down. 90% down. And if you simply keep in mind that you look at the growth rates of India and China, you can get an insight.
  
  Through our foundation Dakshina I spend a good amount of time in rural India. I can see nuances about India, that most people would not see. You can see that the pressure on the few commodities in the earth’s crust is tremendous.
  
  China has severe problems with fresh water and you really have big problems with agriculture with those type of water issues. When you have growth rates of 7-8%, people will want to eat the best. Generally it is proven that protein consumption climbs very high when economies do well. It is absolutely a given that 10 years from now the amount of agriculture and protein needed will be much higher from today. And getting there will not be easy.
  
  So the thing is there are certain businesses that serve as toll bridges in that space. For example, one toll bridge is if you look at Latin America. It has a lot of land and it is flooded with fresh water rivers. South America can basically take that land and convert it into producing corn and soybean or whatever and export the hell out of it to China. And that is exactly what will end up happening. Latin American agricultural companies with large land holdings today are not excessively priced, they are very cheap. But there is absolutely no way for India and China to satisfy the consumption demand that is coming without going to Latin America. So we will just own the toll bridges and wait.
  
  How much of Warren Buffett’s success can be attributed to his investment prowess and how much to the fact that he is Warren Bufett?
  Well the thing is you could have invested even after Buffett had invested and you could have made six times the money out of it.
  
  In fact there are a couple of professors in Ohio, who studied any stock that Warren Buffett bought, if you bought on the last day of the month, when it was public that he owned that stock, and you sold it after it was public that he had started selling it, you would have generated north of 20% annual rate of return.
  
  I would say that we will never see another Warren Buffett. Just like we will never see any Albert Einstein or another Mahatma Gandhi. Buffett is a very unique individual. His skillsets outside of investment are phenomenal but they get dwarfed by his investing skills. The main thing that makes Warren Buffett Warren Buffett is that he is a learning machine who has worked really hard for, let’s us say seventy years, and is continuously learning every day.
  
  So the thing is if you want to be like Buffett, there is no short cut. First of all, you have to be deeply interested in investing and you have to be very willing spending tens of hours, hundreds of hours, reading the minutiae. There is a very famous value investor called Seth Klarman. He is into horse racing. And his famous horse is called Read the Footnotes.

Source: here

HLG's Expectation For CPO Prices

On the FinancialEdge Daily. HLG Research expects CPO prices at RM1,900-RM2,500 per tonne

• HLG Research expects CPO prices at RM1,900-RM2,500 per tonne
  Written by Financial Daily
  Wednesday, 21 October 2009 10:51
  
  KUALA LUMPUR: HLG Research expects palm oil prices to trade between RM1,900 and RM2,500 per tonne in the next couple of months due to increasing fresh fruit bunch (FFB) production as palm trees enter into peak production season, exports growth slow before picking up towards year-end due to the lack of festive season between now and year-end, and speculation in the commodities market.
  
  For exposure to the PLANTATION [] sector, the research house likes pure-play planters such as Genting Plantations Bhd (16 times FY10 PE, net cash of RM0.24/share) and UNITED MALACCA BHD [] (17 times FY10E PE, net cash of RM2.52/share, implied CPO of RM1,900 per tonne).
  
  HLG Research said the benchmark third month CPO futures rose to its highest level in two weeks on Monday.
  
  CPO futures were down yesterday, with the most active January contract closing RM17 lower at RM2,180 per tonne, compared to the day before. The fall is said to follow crude oil, which traded sideways after reaching a one-year high above US$80 (RM268.80) per barrel.
  
  Palm oil exports increased 1.8% in the first 20 days of October to 812,095 tonnes from 797,929 tonnes over the same period in September, according to independent cargo surveyor Intertek.
  
  
  This article appeared in The Edge Financial Daily, October 21, 2009.

IF i am a reader and IF i am looking for some guidance on what to expect for crude palm oil prices, then this article is simply not up to my expectations.

A price range between rm 1900.00 to rm 2500.00 for the next couple of months is simply too wide.

Some would be quick to point out that one could get a similar price range if one refers to recent months trading range.

Rather lacking, don't you think so?

Are You Listening Obama?!

On th UK Telegraph: Mervyn King: bail-outs created 'biggest moral hazard in history'

• Mervyn King: bail-outs created 'biggest moral hazard in history'
  The Governor of the Bank of England on Tuesday night launched his fiercest attack yet on big banking
  
  By Edmund Conway
  Published: 9:58PM BST 20 Oct 2009
  
  Mr King indicated that high street banks could and should be separate from their risky investment banking wings and calling for a reconsideration of the financial system's structure.
  
  In comments which will be seen as a clarion call for a potential break-up of Britain's banks, the Bank of England Governor warned that the support handed out by the Government had "created possibly the biggest moral hazard in history". He said that it was insufficient to expect that in the future tighter regulations alone would be enough to prevent banks from generating financial crises.
  
  The warning goes against the grain of efforts by Governments on both sides of the Atlantic, which have tacitly ruled out splitting up the biggest banks and opted instead to scrutinise them more actively. Mr King, who said earlier this year that if banks are "too big to fail, then...they are too big," said that there is a risk the financial crisis comes and goes but the current system, in which big banks enjoy an effective guarantee from the state, remains.
  
  In a speech in Edinburgh, he said "It is in our collective interest to reduce the dependence of so many households and businesses on so few institutions that engage in so many risky activities. The case for a serious review of how the banking industry is structured and regulated is strong."
  
  He added: "The belief that appropriate regulation can ensure that speculative activities do not result in failures is a delusion," adding: "It is hard to see how the existence of institutions that are 'too important to fail' is consistent with their being in the private sector."
  
  Experts have said that one lesson is that banks with large household deposits should not be allowed to practice the risky trading which, ultimately, led to their near-collapse, since this leaves the entire economy at risk. However, neither the Government's White Paper on financial regulation nor the Conservatives' plans proposed breaking up Britain's four big banks into utility style high street outlets and riskier investment banking arms.
  
  Although he stopped short of calling for an immediate break-up, Mr King said: "There are those who claim that such proposals are impractical. It is hard to see why."

Well at least there's another person out there that recognise the insanity of the current financial world!

Are you listening Obama?

hereis the CNBC version: http://www.cnbc.com/id/33408782#

• ..... King said the use of taxpayers' money to prop up banks had created "possibly the biggest moral hazard in history" since institutions had an incentive to take risks if they were confident they would be bailed out.
  
  "It is hard to see how the existence of institutions that are 'too important to fail' is consistent with their being in the private sector," King said. "Encouraging banks to take risks that result in large dividend and remuneration payouts when things go well, and losses for taxpayers when they don't, distorts the allocation of resources."
  

All Is Forgotten In A Bull Market!

Posted the other day: How Much Do You Really Care About OUR Stock Market?

On today's Star Business: Better voting process necessary in shareholders’ meetings

• Credit-Suisse Securities (M) Sdn Bhd head Stephen Hagger said the local corporate governance scene had improved significantly over the years, but issues such as related party transactions remained a major concern.
  
  “Unfortunately, the bull market is bad for corporate governance as all is forgotten in a rising market,’’ he said.

Sad but true.

Yeah, who cares about bad corporate governance??

Most important is the opportunity to make money!

Sern Kou Tells Bursa Malaysia They Are Unaware!

They don't know!

On Business Times:

• Sern Kou replies to Bursa query
  
  Published: 2009/10/19
  
  BURSA Malaysia issued an unusual market activity query to Sern Kou Resources Bhd last Friday over the high daily volume in its share trading recently.
  
  In its reply, Sern Kou said enquiries had been made among its directors and major shareholders and they were not aware of any rumour or report that might have contributed to the unusual activity.

This is the chart of Sern Kou.

Now they (Sern Kou) TOLD Bursa Malaysia that "enquiries had been made among its directors and major shareholders and they were not aware of any rumour or report that might have contributed to the unusual activity".

Now the problem is there is this announcement posted on Bursa Website.

Look at that GODZILLA SIZED disposal of shares made!

So who is Quek Gim Hong@ Keh Gim Hong?

How?

The second largest shareholder had BEEN DUMPING shares and yet the company said they are unaware of the recent unusual market activity!!!!!!!!!

How can they not be aware?

How lah Bursa?

Do you accept such reply to your UMA (unusal market activity) query?

Ps: Do you care?