Tread with caution The FBM KLCI closed over 4 points lower yesterday weighed down by what appeared to be a knee jerk selldown on Digi shares which fell 15% within the last 10 minutes of trading. Overall market breadth was positive with 501 gainers outpacing 295 losers reflecting the continuation of the positive sentiment on the US market in the previous week and the strength of the Ringgit. Key headlines for today: (i) MMC submitting a bid for UEM Group; (ii) Kencana secures 2 contracts worth RM31m; and (iii) Hong Leong Bank shareholders have approved the proposed acquisition of EON Bank. We expect the local bourse to tread on a cautious note this week with range bound trading anticipated as attention turns to the US on a few economic releases including the ISM and unemployment data due by end week. The Dow closed lower overnight, its biggest retreat in a month ahead of the fresh earnings season
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Tuesday, October 5, 2010
Tuesday, October 5, 2010
Market Review
Tread with caution The FBM KLCI closed over 4 points lower yesterday weighed down by what appeared to be a knee jerk selldown on Digi shares which fell 15% within the last 10 minutes of trading. Overall market breadth was positive with 501 gainers outpacing 295 losers reflecting the continuation of the positive sentiment on the US market in the previous week and the strength of the Ringgit. Key headlines for today: (i) MMC submitting a bid for UEM Group; (ii) Kencana secures 2 contracts worth RM31m; and (iii) Hong Leong Bank shareholders have approved the proposed acquisition of EON Bank. We expect the local bourse to tread on a cautious note this week with range bound trading anticipated as attention turns to the US on a few economic releases including the ISM and unemployment data due by end week. The Dow closed lower overnight, its biggest retreat in a month ahead of the fresh earnings season
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