Mild correction. The earlier profit taking was well absorbed, with the FBM KLCI holding its composure to close 2.72 points higher at 1469.69. In the news are: (i) BToto’s 36% drop in net profit y-o-y in the July quarter due to the increase in pool betting duty; (ii) Sime Darby to take legal action against unindentified parties over breach of duties and improper conduct; and (iii) MAS places orders for 2 more A330-200F freighters. Also, the Government is reported to have awarded the 2.6Ghz spectrum to 9 mobile operators and wireless broadband players. The Dow jumped more than 1.3% following better than expected earnings from a homebuilder and IBM announced a USD1.7bn takeover exercise. We expect the local bourse to trade in a range bound pattern with an upside bias in search of fresh local leads.
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Tuesday, September 21, 2010
Tuesday, September 21, 2010
Market Review
Mild correction. The earlier profit taking was well absorbed, with the FBM KLCI holding its composure to close 2.72 points higher at 1469.69. In the news are: (i) BToto’s 36% drop in net profit y-o-y in the July quarter due to the increase in pool betting duty; (ii) Sime Darby to take legal action against unindentified parties over breach of duties and improper conduct; and (iii) MAS places orders for 2 more A330-200F freighters. Also, the Government is reported to have awarded the 2.6Ghz spectrum to 9 mobile operators and wireless broadband players. The Dow jumped more than 1.3% following better than expected earnings from a homebuilder and IBM announced a USD1.7bn takeover exercise. We expect the local bourse to trade in a range bound pattern with an upside bias in search of fresh local leads.
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