Profit Taking

Bursa is heavily hammered by profit taking yesterday and today. I also sold off my Pelikan @ RM1.31. Profit is around RM450. I missed my target by much (@RM1.50). I planned to buy back Pelikan if it drops further. I need to find out what caused the heavy profit taking today before buying back the stock as the condition is nowhere near sanity.

Something is fishy about this profit taking Friday as the world markets are still holding up well. Probably it is due to conservative mentality or political rumors that are spreading around out of my radar. As Greece problem may be worsening due to strikes, I think everyone feels safe to keep cash for the weekend.

This is not a good day and my profit taking is immature. Bank stocks are heavily beaten after the explosive rally on Monday. In the long run, banks are still the winners of the increase in BLR unless the policy changes again. Maybe it is time to buy some Public Bank stocks. CIMB fundamental looks strong too but its political ties could be a threat to the bank someday.