Overseas drag. Amidst a sea of red whereby most Asian bourses lost more than 1%, the FBM KLCI managed to chalk up a gain of 2.6 points, lifted by Genting, Axiata, MISC, Tanjong and IOI Corp. Market breadth however was negative with 585 losers and 206 gainers. Europe was also deep in losses of as much as 2% as the Dow struggled to stay above the 10,000 psychological level. The Dow ended the day with a 134-point loss at 10,040 points after falling as low as 9,993 points. News headlines besides a slew of corporate results were Axis REIT to acquire Tesco Johor Baru property for RM75.6m cash, Genting Malaysia shareholders approved the acquisition of UK casino businesses from Genting Singapore, Tenaga receives Malaysian government offer to develop 1000 MW coal-fired power plant in Manjung, Perak, the consortium comprising Scomi Engineering was awarded the monorail contract in Bangalore. With the threat of further weakness in overseas markets, expect the broad market to remain under pressure. The FBM KLCI should make a pullback to test the 1400-point level.
*Terkini – Jadual Seminar & Bengkel PUABUMI 2012
5 years ago