I have told myself not to place orders in case someone sold to me or bought from me, the minimum trading lot of 100 shares instead.
This afternoon, I was looking at a number of counters and picked Wong Engineering for its low price because of recent losses, but with a NTA of 70 sen. The situation was Buyer 0.275 and seller o.285. I calculated 0.005 on 10,000 shares would mean a difference of Rm50. I placed an order online to buy 10,000 at 0.28 and the screen showed Buy 100 0.28 and Sell 50 0.285. I could not believe it when the screen showed Buy 99 0.28 and Sell 49 with 1 lot done at 0.28! It was precisely 3.33 pm. I called up my good friend to tell him that if it continued till 5.00 pm, I would end up having to pay Rm12.00 minimum brokerage plus stamp and clearing fee for 100 shares costing only Rm28! Around 45%! Based on the change from Sell 50 to Sell 49, it would mean someone meaner than me, actually took out the order to sell 100 shares at o.285 in order to sell it to me at 0.28! Why? I am still wondering, considering he or she had to pay disproportionately high brokerage. Anyway, lesson learnt. I still can't get over the fact that for almost one and a half hour, nobody wanted to sell to my remaining order for 99 lots at 0.28.
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