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Thursday, February 18, 2010
Market Review
Quiet trading. The FBM KLCI gained 5 points at 1259 points in tandem with the global market rally. Asian markets charged higher, with the Hang Seng Index and the Straits Times Index gaining 1.3% while the Nikkei rose 2.7%. Gainers beat losers by 2 to 1 but volume was thin at just 545m shares. Rubber glove stocks led gainers, with Supermax, Top Glove, Kossan and Adventa rising by 3.5% to 7.4%. Amid the thin news flow, the corporate headlines include Singapore’s January exports jumping 21% y-o-y, MISC’s 1-for-5 rights issue was oversubscribed by 32%, Digi.Com to spend RM350m on broadband expansion and Dubai Group’s 30.5% stake in Bank Islam is said to have 6 – 7 interested buyers from Middle East. Overnight, the Dow inched up by 40 points. Without any major negative news, the FBM KLCI should continue to hold up with volume remaining thin. Note that TNB gapped down by 12 sen in last minute trade on Wednesday with the offer-bid spread at 12 sen and this should provide some boost to the KLCI in early morning trade.
Thursday, February 18, 2010
Market Review
Quiet trading. The FBM KLCI gained 5 points at 1259 points in tandem with the global market rally. Asian markets charged higher, with the Hang Seng Index and the Straits Times Index gaining 1.3% while the Nikkei rose 2.7%. Gainers beat losers by 2 to 1 but volume was thin at just 545m shares. Rubber glove stocks led gainers, with Supermax, Top Glove, Kossan and Adventa rising by 3.5% to 7.4%. Amid the thin news flow, the corporate headlines include Singapore’s January exports jumping 21% y-o-y, MISC’s 1-for-5 rights issue was oversubscribed by 32%, Digi.Com to spend RM350m on broadband expansion and Dubai Group’s 30.5% stake in Bank Islam is said to have 6 – 7 interested buyers from Middle East. Overnight, the Dow inched up by 40 points. Without any major negative news, the FBM KLCI should continue to hold up with volume remaining thin. Note that TNB gapped down by 12 sen in last minute trade on Wednesday with the offer-bid spread at 12 sen and this should provide some boost to the KLCI in early morning trade.
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