There is often a bottom-fisher
, hoping the rest of the market is asleep.
There's only one sweet spot at the low end and that's where the lowest of the low resides--until it's knocked off by the next bottom-fisher
. Elsewhere, the manufacturers' goal is to find a sweet spot in the higher ranges, where they can afford to pitch bang over buck.
However, some recovery was seen during the later part of the week as bottom-fishers
jumped in to capture value in sectors such as (1) fertilizers (up 1.4 percent WoW on flight to safety), (2) E and Ps (up 0.4 percent WoW value buying) and (3) commercial banks (up 4.7 percent WoW on anticipations of increase in policy rate in upcoming MPS to be announced tomorrow).
As a result, bottom-fishers
will likely continue to face restrictions on the depths at which they can fish.
After that, the recovery-seekers and bottom-fishers
joined those who recognised the resilience of the smaller stocks and bought more of" them, lifting prices and profiles.
As the bottom-fishers
moved in its shares added p to 4p while Mondas was buoyed by positive comments on its interim results yesterday and firmed by 4p to 50p.
Research manager Dirk Bennett of Taipei's International Investment Trust reports that "bottom-fishers
" are now snapping up New York-listed closed-end Taiwan funds at an 8 to 10 percent premium over their net asset value.