Market revisits 1,400 points. The FBM KLCI advanced 11.03 pts to close at 1,408, buoyed by buying momentum for heavyweights as good corporate results reported by Maybank and Axiata lent support to the market. Among the key market new today are F&N to buy 23% of Cocoaland, Tenaga proposes 1-for-4 bonus issue, Masterskill to buy land worth RM30m to build the group’s flagship university campus, the new LCCT may have aerobridges and Olympia aborts the sale of its flagship building. Among key corporate earnings, CIMB comes up with another sterling performance, with 2Q profit up 34%, Sime posts a 4Q loss after RM777m of provisions, Genting’s profit hits RM739m boosted by its Singapore operation, Mah Sing’s 2Q net profit up 27% to RM29m, Supermax’s 2Q net profit surges 78% to RM46m. Overnight, US stocks fell, sending the DJIA to close below 10,000 as concerns about the economic recovery wiped out early gains in equities after jobless claims dropped. Today, the market may continue its upward momentum on impressive numbers being reported by few key corporates but the upside may be capped by the poor performance of the Dow.
*Terkini – Jadual Seminar & Bengkel PUABUMI 2012
4 years ago