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Thursday, February 11, 2010
Market Review
Bouncing back. The interest in key index stocks helped push the FBM KLCI 12.31 pts higher to 1,246.17. Market breadth was positive with gainers ahead of decliners by 389 to 254 while 241 counters were unchanged, 440 untraded and 25 others suspended. Among the key market news today include, December IPI up 8.9% on recovery in exports, Khazanah acquired a 10% stake in Oriental University City Ltd for USD44m, F&N gets Red Bull exclusive rights, IJM gets 8-years extension for Besraya, Airasia to set up new low-cost airline with Vietjet Air, KUB seals deal to buy Ibuzawa stake for RM12m, MAHB pasenger movement up 8.2% in 2009, IOI net profit soars 173% in 2Q and Mudajya 4Q profit surges nearly 4-fold. Overnight, the DJIA slipped 20.26 pts to 10,038.38 as the Federal Reserve's plan to possibly raise its discount rate fueled concern the economic recovery will slow as stimulus programs are unwound. With the range bound trading in the Dow, we expect market to consolidate ahead of the long CNY holiday with immediate resistance and support at 1258 pts and 1233 pts respectively.
Thursday, February 11, 2010
Market Review
Bouncing back. The interest in key index stocks helped push the FBM KLCI 12.31 pts higher to 1,246.17. Market breadth was positive with gainers ahead of decliners by 389 to 254 while 241 counters were unchanged, 440 untraded and 25 others suspended. Among the key market news today include, December IPI up 8.9% on recovery in exports, Khazanah acquired a 10% stake in Oriental University City Ltd for USD44m, F&N gets Red Bull exclusive rights, IJM gets 8-years extension for Besraya, Airasia to set up new low-cost airline with Vietjet Air, KUB seals deal to buy Ibuzawa stake for RM12m, MAHB pasenger movement up 8.2% in 2009, IOI net profit soars 173% in 2Q and Mudajya 4Q profit surges nearly 4-fold. Overnight, the DJIA slipped 20.26 pts to 10,038.38 as the Federal Reserve's plan to possibly raise its discount rate fueled concern the economic recovery will slow as stimulus programs are unwound. With the range bound trading in the Dow, we expect market to consolidate ahead of the long CNY holiday with immediate resistance and support at 1258 pts and 1233 pts respectively.
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