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Thursday, May 6, 2010
Market Review
Market bottomed yet? Following the overnight decline of more than 2% in Western markets, the FBM KLCI started the day at 1324 pts but gradually inched up for a loss of just 7 points to finish at 1335 points. Market breadth was overwhelmingly negative, with 531 losers against 193 gainers. Key losers among the component stocks were BAT, KLK, Sime, IOI Corp and Tanjong. In today’s news headlines Unisem reported a RM41m net profit for 1Q and proposes a 3-for-10 bonus issue and a renounceable rights of 168.5m warrants, Three-A Resources enters into a framework cooperation agreement with Wilmar International, Menang Corporation enters into a concession agreement to undertake the UiTM campus on a build-lease-maintain-transfer concept, Xingguan International receives sales order amounting to RM323m. while Faber Group and Hektar REIT reported their 1Q earnings of RM14m and RM10m respectively. Overnight, the Dow again closed lower but only by 58 points and even managed claw into positive territory at one point. Hence, the local market may start to stabilize.
Thursday, May 6, 2010
Market Review
Market bottomed yet? Following the overnight decline of more than 2% in Western markets, the FBM KLCI started the day at 1324 pts but gradually inched up for a loss of just 7 points to finish at 1335 points. Market breadth was overwhelmingly negative, with 531 losers against 193 gainers. Key losers among the component stocks were BAT, KLK, Sime, IOI Corp and Tanjong. In today’s news headlines Unisem reported a RM41m net profit for 1Q and proposes a 3-for-10 bonus issue and a renounceable rights of 168.5m warrants, Three-A Resources enters into a framework cooperation agreement with Wilmar International, Menang Corporation enters into a concession agreement to undertake the UiTM campus on a build-lease-maintain-transfer concept, Xingguan International receives sales order amounting to RM323m. while Faber Group and Hektar REIT reported their 1Q earnings of RM14m and RM10m respectively. Overnight, the Dow again closed lower but only by 58 points and even managed claw into positive territory at one point. Hence, the local market may start to stabilize.
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