Scaling higher. Buying momentum on the FBM KLCI remained robust, with buying interest in Genting Malaysia, Genting Bhd and BAT pushing the index 6.30 points higher to close at 1,475.9. Today’s corporate news are largely centred on projects and key areas mapped out in the Economic Transformation Programme, which among others include the proposed mass rapid transit system, building of a 7km shopping strip and cleaning up of the city’s rivers. Other corporate news are Genting Malaysia has obtained approval from the British Gambling Commission for the proposed acquisition of Genting Singapore’s UK casino operations, Malaysian Marine and Heavy Engineering is expected to be listed by end-October at an indicative IPO price of RM3.80 and HSL has secured a RM98.2m construction contract in Sarawak. Overnight, the Dow rose by a marginal 0.07% with the anticipation of additional stimulus measures by the Federal Reserve. Given yesterday’s strong buying, we expect the local bourse to trade range bound with an upside bias today.
*Terkini – Jadual Seminar & Bengkel PUABUMI 2012
5 years ago