Wawasan Open University (WOU) and the Penang Chinese Chamber of Commerce (PCCC) held a seminar on “Business Success Through Change” at the WOU main campus, attended by over 100 people.
WOU’s School of Business and Administration (SBA) senior lecturer Dr Ch’ng Huck Khoon presented a paper titled ‘How to select winning stocks in Bursa Malaysia’, a useful tip for the start of the year.
He said some economists forecast a positive outlook for the Malaysian economy this year. He predicts a growing trend for the local stock due to the anticipated general election and the increasing in-flow of foreign funds into the country.
He shared that global economic environmental changes, such as the US subprime financial crisis and the financial troubles of Portugal, Italy, Greece and Spain, and the local political climate are factors to consider when investing in stock.
He also highlighted investment strategies such as how to convert risk into returns, risk management, using behavioural finance to one’s advantage, when to buy shares, having an investment framework in place, following rules and not emotion, and when to sell shares.
He said a successful investor must desire to accumulate wealth and financial knowledge, and not be emotionally attached to any particular stock. The investor must plan his finances wisely according to his financial position, preferences and his risk tolerance level.
Dr Ch’ng called on investors to find out how they can select winning stocks traded on Bursa Malaysia by studying the corporate profile and performance of the company. He advised against buying stock when the price is going down, instead to cut one’s losses and sell when it hits a certain level. “The winner of the game is the one who is always able to adapt to changes,” he declared.
Meanwhile in his talk on ‘E-Business: Taking Your Business Online’, School of Science and Technology senior lecturer Ishan Abeywardena said one must know how to structure businesses in the e-business format since most business applications are now undertaken online. He proposed that businesses know “what customers are looking for when they go online” as e-commerce transactions are a highly competitive business. “Customers look for quality products and so access information available online to make comparisons,” said Ishan.
He said e-commerce has however now moved beyond customer transactions to cover e-business and other activities done online. Among the benefits of taking the business online are “reduced cost, increased productivity and wider market”.
He encouraged making full use of the open source technology freely available online, adding “Do not be slaves to service providers instead have full control over the website that you own by writing your own content because only you know your customer best.”
His talk also touched on strategies to improve Search Engine Optimisation (SEO) and Search Engine Marketing (SEM), selling online, accepting payments, cloud computing and virtual collaboration.