Monthly Portfolio 28-July-2007

KLSE market has a sell-down yesterday following the US market plunge overnight. KLCI dropped 26.12 points & settled at 1355.28 points. More selling would be expected next week. I am staying out of the market for the time being and might pick some quality stocks if i see some light at the end of the tunnel. Meanwhile my portfolio increase slightly despite of the sell-down yesterday compare to last month. However, may foresee greater impact after next week. Being longterm, i'm not worry much on the sell-down in-fact it create opportunity for me to get some quality stocks which is relatively high now. Till then happy trading.

Resorts World begins share-buyback

Saturday July 21, 2007
Resorts World begins share-buyback
By KATHY FONG
PETALING JAYA: Resorts World Bhd kick-started its capital management plan with the commencement of its share-buyback scheme yesterday.
This came after the group had in a surprise move sold a 14% stake in loss-making Star Cruises Ltd last Friday for RM1.16bil cash.
Resorts World announced to Bursa Malaysia it bought back nine million shares at an average price of about RM4.15 a share, costing it RM37.36mil. The stock closed at RM4.22 yesterday, up 32 sen.
This is the first time that Resorts World has bought back its own shares.
Genting Bhd’s head of strategic investments and corporate affairs Justin Leong said: “As Resorts World’s largest shareholder, we are pleased that Resorts World has finally embarked on its capital management programme.
“We see this as a positive step towards enhancing value for all shareholders.”
In the past, there was criticism that Resorts World’s capital management was not efficient enough, given its large idle cash reserves.
Resort World’s cash pile is nearly RM2bil now and is expected to balloon to RM4bil by year-end.