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Friday, January 29, 2010
Market Review
The slide continues. The FBM KLCI lost another 17 points yesterday to close at 1266, dragged down by heavy selling in index stocks such as CIMB, AMMB, RHB Cap, Genting and Axiata. Market breadth was decidedly negative with 618 losers againts 168 gainers. The decline was much in tandem with regional bourses, especially after the Hong Kong market failed to sustain early gains. There was little news flow yesterday. EON Capital has given until 2 February to decide on Hong Leong Bank's buyout offer, Gadang acquires residential land in Sg Besi for RM33m, DRB-Hicom proposes to take EON private, a large Indian company expressed interest to build a USD5bn oil refinery in Perak. With the Dow's mild recovery last night after the Fed said it will keep interest rates near zero, local stocks may attempt a rebound following days of steep decline. However, expect the rebound to be short-lived.
Friday, January 29, 2010
Market Review
The slide continues. The FBM KLCI lost another 17 points yesterday to close at 1266, dragged down by heavy selling in index stocks such as CIMB, AMMB, RHB Cap, Genting and Axiata. Market breadth was decidedly negative with 618 losers againts 168 gainers. The decline was much in tandem with regional bourses, especially after the Hong Kong market failed to sustain early gains. There was little news flow yesterday. EON Capital has given until 2 February to decide on Hong Leong Bank's buyout offer, Gadang acquires residential land in Sg Besi for RM33m, DRB-Hicom proposes to take EON private, a large Indian company expressed interest to build a USD5bn oil refinery in Perak. With the Dow's mild recovery last night after the Fed said it will keep interest rates near zero, local stocks may attempt a rebound following days of steep decline. However, expect the rebound to be short-lived.
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