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Thursday, February 25, 2010
Market Review
GDP booster. The FBM KLCI closed just over 4 points higher supported by buying support on a few big caps such as BAT, Digi and CIMB. That said, volume remained thin with profit-taking capping a further upside. Top headlines: (i) Malaysia’s 4QGDP grew 4.5% in 4Q09; (ii) the fuel subsidy mechanism planned for implementation on May 1 has apparently been shelved; and (iii) Hai-O plans to tap the China market over the next 1-2 years. MAHB is also set to raise up to RM2.5bn to fund the construction of the new LCCT. Among the slew of results announced last evening, Axiata surprised on the upside while Hong Leong Bank results and KLK were in line. Overnight, Wall Street closed higher on Ben Bernanke’s remarks that the US Federal Reserve will keep interest rates low to ensure economic recovery. On the back of the positive newsflow, there should be further upside on the local market today.
Thursday, February 25, 2010
Market Review
GDP booster. The FBM KLCI closed just over 4 points higher supported by buying support on a few big caps such as BAT, Digi and CIMB. That said, volume remained thin with profit-taking capping a further upside. Top headlines: (i) Malaysia’s 4QGDP grew 4.5% in 4Q09; (ii) the fuel subsidy mechanism planned for implementation on May 1 has apparently been shelved; and (iii) Hai-O plans to tap the China market over the next 1-2 years. MAHB is also set to raise up to RM2.5bn to fund the construction of the new LCCT. Among the slew of results announced last evening, Axiata surprised on the upside while Hong Leong Bank results and KLK were in line. Overnight, Wall Street closed higher on Ben Bernanke’s remarks that the US Federal Reserve will keep interest rates low to ensure economic recovery. On the back of the positive newsflow, there should be further upside on the local market today.
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