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Wednesday, March 10, 2010
Market Review
Profit-taking sets in. Following the 2 consecutive days of sharp trading gains, yesterday's profit taking spree was not unexpected. The KLCI gave up just over 6 points to close at 1317.9. The index was southbound from the start with the number of decliners outweighing gainers 2- to- 1. Today's headlines are in the form of Sumatec clinching a RM49m contract from a subsidiary of Petronas, Malaysian Merchant Marine designated a PN17 company, Digi to sell the iPhone in 2Q10 and Gamuda and WCT receiving notices of arbitration for the construction of a highway in Qatar. KPJ is also conducting its 4th asset injection into the Al-‘Aqar REIT. In the absence of fresh local leads and investors weighing in short-term risks in the macro environment, the market could well consolidate in the short-term with the key psychological support level of 1300 being eyed. The Dow opened weaker last night over concerns in companies missing on their earnings but managed to closer slightly higher at the end of the trading day.
Wednesday, March 10, 2010
Market Review
Profit-taking sets in. Following the 2 consecutive days of sharp trading gains, yesterday's profit taking spree was not unexpected. The KLCI gave up just over 6 points to close at 1317.9. The index was southbound from the start with the number of decliners outweighing gainers 2- to- 1. Today's headlines are in the form of Sumatec clinching a RM49m contract from a subsidiary of Petronas, Malaysian Merchant Marine designated a PN17 company, Digi to sell the iPhone in 2Q10 and Gamuda and WCT receiving notices of arbitration for the construction of a highway in Qatar. KPJ is also conducting its 4th asset injection into the Al-‘Aqar REIT. In the absence of fresh local leads and investors weighing in short-term risks in the macro environment, the market could well consolidate in the short-term with the key psychological support level of 1300 being eyed. The Dow opened weaker last night over concerns in companies missing on their earnings but managed to closer slightly higher at the end of the trading day.
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