Mixed trading. The market got off to positive start but lost steam during the day following the selldown in several blue chips. Market breadth was generally negative, with 409 counters in the red versus 255 counters up. Today’s key news are: (i) June manufacturing sales rose 1.4%-pts m-o-m; (ii) AZRB said it has not been approached by state-controlled Terengganu Inc to buy out its stake in EPIC; and (iii) Hartalega posted weaker results q-o-q owing to normalising glove demand. We expect the lacklustre trading pattern to continue with the onset of the Ramadan month and investors mostly staying non-committal, taking the cue from external developments. If anything, yesterday’s lower close on the Dow following measures announced by the Fed to bolster the economy should see the domestic bourse remain range bound today.
*Terkini – Jadual Seminar & Bengkel PUABUMI 2012
4 years ago