Ringgit and Yuan boost. The market closed a tad off the high of 1335.31 pts on positive sentiment across regional bourses as China promised to allow for greater flexibility in the trading of the Yuan. Overall market breadth was positive from the start, with the number of gainers outpacing losers almost 3-to-1. Today’s corporate headlines are: (i) MAS said it expects to spend RM450m over the next 5 years to boost service offerings and standards, (ii) Primus has filed a legal suit against EON Capital directors pertaining to the bank’s takeover by Hong Leong Bank; (iii) Pelikan is targeting 1bn EUR in sales for FY2013; and (iv) Kencana Petroleum is coughing out USD67m for the acquisition of oil drilling subsidiaries in Singapore. The Dow closed marginally lower overnight as declining retailer and tech shares overweighed China’s move to allow more Yuan flexibility while crude oil was almost unchanged. We believe there maybe some profit taking on the KLCI today, with the next target resistance tagged at 1350 pts while support is at 1307 pts.
*Terkini – Jadual Seminar & Bengkel PUABUMI 2012
4 years ago