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1993Vol13no.7

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1993Vol13no.7 vs THE STOCKMARKET: CASINO or avenue for INVESTMENT? "Mr Chan bought 30 lots of Idris Everyone was doing it. Not just In recent weeks, our at RM1.20 and sold at.RM3, making experienced investors who had seen politicians have boasted RM)4,000 in about a week." "Puan the market's ups and downs over the that the volume on the Salleh did even better on Granite and years. Vegetable sellers, hawkers, has booked a holiday in Europe for kindergarten teachers, hairdressers, KLSE had exceeded even her whole family with her profits." clerks and so on had all heard that the that of Wall Street. But is Kumar bought 100 lots of Renong market was hot and money was to be this something we can be and made over RM50.000 in a made. Professionals were armnging proud of! AMAR SINGH couple of days witllout even having their schedules so that they could suggests that the gambling to pay for anytlling." spend their best hours at broking Such comments were rife just a hall<> seeing the price action live. instinct, rather than few weeks ago. Making money in fundamentals, appears to shares seemed easy. Almost like FEVERISH MARKET be an important factor child's play. Find out what is a good The atmosphere in the halls of contributing towards the tip, place a large order on that brok:ing houses was electric. Before tmding hours, hordes would jam into record volumes traded. counter and sell witllin a couple of days for a killing. these halls in order to get a good place to see the screens. By 10 am, one would have to squeeze to move through these premises. People were watching the screens for their favourite counters. Many in a crowd would buy the same stock. As it moved up 20 or 30.scn, the crowd would cheer as if a goal had been scored in a football match. Others would be busy writing up their or­ ders to pass to their remisiers so that they would not miss the next counter tipped to run up. With the market getting feverish. more and more people who had never invested in the market were finding it hard to resist the tempta­ tion to make money on a "sure tip". TI1e volume of trading soared to five times its normal levels and on 15 April surpa~ed one billion shares traded in just one day. For a number of days. the volume on our market was higher than that of Wall Street. the world's largest bourse. Aliran Mo11thly 1993:1.1 (7) Page 2 CAUSES OF THE TV 4 and also that it too may tnms­ electricity to be sold to Tenaga) that EXCITEMENT form itself into a timber company. would boo~1 their future profits. Another counter making incredible With such a potent slew of For more than two years the gains was MRCB, which had just stories going round, many indeed stock market had been listless and bought controlling stakes in New credible, it was not surprising that it not heading in any particular direc­ Straits Times and TV3 and wa-; ex­ looked increasingly attractive to put tion. What caused the euphoria that pected to get a piece in some money in shares. As the stories quite suddenly took the prices of privatisation projects. spread and share prices rose, further shares on a rocket trajectory? With these counters doubling in share price gains became like a self­ It appears to have sldrted with a value within days, a number of in­ fulfilling prophesy. Because people few stocks. One was Idris, a com­ vestors who were quick to hear the believed these shares would pany run by Ishak bin Ismail who Find out what is a good tip, place a large order... and sell within days for a killing... comes from Penang and is said to various stories and acted on them definitely go up and started buying have worked together with Anwar made fa<;t profits. Word spread that them, indeed they did rise. Ibrahim in the pa£t. With this back­ there was money to be made in the ground, it wa-; easy to spread stockmarket. Punters jumped on END OF THE PARTY rumours about the company that various themes. Fuelled by specula­ But then things started to get dif­ would seem credible. The rumours tion that Renong controlled com­ ficult. On 14 June the market hit a mngcd from Idris taking a stake in a panies may be awarded new mega peak of 7 54 as mea<>urcd by t11e stockbroking company. to it selling projects to enhance their values, and Composite Index (KLCI). It then its sight<; on a slice of either Standard thus build up the war chest of certain dropped to<L'l low as676 on 25 June. Chartered or Hongkong Bank. A na­ quarters within UMNO Baru the A number of counters lost about a tional daily ran a story speculating share prices of these companies third of their value. ldris fell from a that ldris would buy a timber mill in gained considerably. high RM3.72 to RM2.27, Asiatic Sabah and that other corporate To complete the cocktail that slumped from RM3.58 to RMI.80, figures were buying shares in I<Iris to wa<; fizzing the market were the Siah Brothers was down from gain control and make it a pure Lim­ China concepts a.nd power plays. RM4.20 to RM2.50. Market ber play. Various companies were rumow-ed favourite Renong also fell from As these rumours spread, the to have secured huge contracts in RM3.08 to RM1.91. share price shot through the roof. China which were to be signed The counter worst hit was Union From 91 sen. Idris shares reached during the visit of our Prime Minister Paper. After seeing a high R M23 on RM3.30 within a month. While I<Iris in June. And numerous other com­ 14 June, it fell to a "limit down" t11at rocketed so did Granite on specula­ panies were tipped to get indepedent <tty itself (losing a third of its values tion that it may get the licence for power projects (generating upon which it wa-; effectively A/iron Monthly 1993:13 (7) Page 3 suspended for the trading session) to then stupified to see the same menta forced buy-in on behalf of closeatRM16.50.lfthat was not b3d counters rebound strongly. Some these sellers at 25% above the enough, Union Paper "limited cursed the marlcet, others their fate. market price. In anticipation of the down" again the next day and by 2A higher prices necessary to execute June it had sunk to RM5.60. THE UNION PAPER the buying-in, punters bought back The stories being heard on the FIASCO the shares with renewed vigour. market suddenly changed in tone. What to<* the fizz out of the After two days of trying to buy The tips were still there. But the ex­ marlcet? Investors' experience with the shares necessary to cover the perience of investors did not seem so Union Paper was one key reason. default selling, KLSE only managed favourable any more. By 25 June, 1be share price had earlier rocketed to buy a quarter of the four million many had lost all their previous on speculation that the company, a shares required. Those who held profits and m~ . Rwnours spread of manufacturer of toilet paper among Union paper shares were generally individuals who had bought 20 to 30 other things, was to takeover unwilling to sell them to meet the lots each of Union Paper - much Koperasi Usaha Betsatu Malaysia demand for the buying in anticipat­ more than their total wealth -at close Bhd (KUB). When KUB officials ing higher prices given the huge size to its highs and within days found announced that the deal was off, the of the buying-in to be executed. Not their "investment" was worth less share price fell like a brick, madf? being able to get the shares they than half their buying price. They worse, it seems, by aggressive short needed, KLSE deemed that the couldn't pay for the loss and facing selling (i.e. selling shares one does counter was cornered and suspended complete ruin, one investor is not own with the idea of buying back its trading so as to complete the rumoured to have committed later at a lower price, which is illegal buying-in. Once the counter was suicide. but sometimes hard to detect). The suspended, most punters were eager Punters who have been burnt result was that many investors who to dispose of their shares at retreated to lick their wounds. Many bought the shares at rather high RM 15.20, 25% above the last traded had used shares as collateral to bor­ prices lost a bundle as the price price. Most knew that after the row money and buy more sh.'lrcs. As tumbled. buying-in was completed, there the value of the shares held as col­ Like most counters that see a would be little buying support for the lateral came down, their loans were sharp move in one direction, there is counter. Based on the fundamentals being called in by brokers etc. who often a quick rebound. The stock of the company, Union Paper shares had provided them with margin exchange announced that there were could weU be expected to fall by financing. Thus they were forced to a few shares in Union Paper that had 75% or m~ once the suspension is sell most of their shares to settle the been sold in default (i.e.
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