The trading suspension today is a real disgrace to the country. How can a world class exchange not prepared for glitches like what happened today. Other exchanges that handle bigger business volume everyday managed situations like this without any problem.What happened to Bursa’s back-up and disaster recovery systems? They have spent millions of RM maintaining them all these years. Why aren’t they cranked-up today? This is like spending millions of dollars on military equipment but when war comes, those equipment fail to work.
Maybe the CEO of Bursa and his senior managers should consider committing “Hara-kiri” for bringing humiliation to their country.
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Computer glitch shuts Malaysia stock market
Reuters - Soo Ai Peng
KUALA LUMPUR, July 3 - Share trading on the Malaysian stock exchange was suspended on Thursday following an early morning computer glitch, but the market's operator said it was confident it will resume the following day.
Dealers warned the country's benchmark index could fall sharply when trade resumed.
Bursa Malaysia Chief Executive Yusli Mohamed Yusoff told reporters that the day-long closure, which resulted from the failure of a computer hard disk, was the worst in the exchange's history… (Oni: Yeah! Worst is correct. Funny how it was running beautifully before you came.)
… Yusli said he was confident trading will resume on Friday, adding a technical error caused the shut down, and not higher trading volumes. (Oni: Your confidence doesn’t carry any weight any more Yus. Remember your prediction on KLCI previously? You were damn confident also.)
"This will happen from time to time, its part of the business,' he said. (Oni: speechless... )
"Its a normal issue for all markets... I am sure our system can handle large volumes." (Oni: Sure, but the problem is… you will not get see large volume before retirement the way things are running.)
NEGATIVE IMPRESSIONS
Prime Minister Abdullah Ahmad Badawi said the technical glitch gave a bad impression to foreign investors but denied that the stock exchange was suspended due to current political uncertainties. (Oni: What else if it is not bad impression. What about locals? Have you forgotten about your own people? Soon your market will be off everyone's radar screen.)
"This incident will reflect negatively on us. It is very important for Bursa Malaysia to make sure the technical glitches will not recur," Abdullah was quoted as saying by state news agency Bernama. (Oni: Are you gonna let those Bursa boys off the hook just like that? Surely someone’s head has to roll right? Those same monkeys will surely screw you again next time. You just watch.)
"What I want to explain here is that the country's peace and security are under control," he added.
The benchmark Kuala Lumpur Composite Index has already lost more than 3 percent so far this week following sodomy charges against opposition leader Anwar Ibrahim.
The index lost 4.9 percent in the second quarter of 2008 and is 24 percent off the January peak of 1,524.69 points.
"People who wanted to sell stocks today but couldn't, will just sell tomorrow," a dealer at a foreign brokerage said.
Asian markets slumped on Thursday following steep losses on Wall Street overnight with the Dow Jones Industrial Average <.DJI> officially sinking in the bear territory.
"People are shorting the futures contracts now. Judging from the futures market's performance, I think the spot index could easily drop 5 percent when the market reopens tomorrow," another dealer said.
Stock index futures and crude palm oil futures on the derivatives exchange had not been affected by the glitches, Bursa said.
The three-month futures contract for the benchmark share index
"I think it affects confidence, especially among foreign investors," said Ang Kok Heng, chief investment officer of Phillip Capital Management in Kuala Lumpur...
(Source: Yahoo
We Cannot Konek
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