Bargain hunting in selected blue chips. The FBM KLCI rose 3.35 pts to 1,341.02 on follow-through interest in selected blue chips, with foreign funds and institutions remaining in the market. Gainers outnumbered losers by 442 to 298, 277 counters were unchanged, 348 untraded and 26 suspended. Today’s key market
news include CPI rose 1.6% y-o-y in June, Wilmar buys NatOleo for RM450m, sources said Far East Consortium International plans to include five Malaysian hotels in a planned listing in Hong Kong, Khazanah unit, Integrated Healthcare Holdings, says it has secured 50.5% approval to date from Parkway shareholders who have voted for its partial offer, Malaysia Mosaics agrees to privatization proposal by its substantial shareholders, Mudajaya is said to see the entry of a new substantial shareholder, 1 Mont’ Kiara is believed to have been sold for RM333m, and Ivory’s public issue oversubscribed by 2.19 times. Overnight, US stocks slid with the DJIA closing 109.43 pts lower to 10,120.5, as Federal Reserve Chairman Ben S. Bernanke said the economy outlook remains “unusually uncertain” without offering additional measures to stimulate growth. Therefore, we may see investors moving sideways pending any fresh leads.