Slight profit taking. The FBM KLCI closed 0.84 points lower dragged down by profit taking activities on key heavyweights: CIMB, Axiata, BAT and Digi. Losers led gainers by 420 to 327 while 306 counters were unchanged. Key market headlines includes: EPF remaining the frontrunner for taking over PLUS Expressway, Maybulk has formed a joint venture with Comonwealth Shipping Company Inc of Mexico to undertake bulk shipping opportunities in the Gulf of Mexico, Dubai based Oil fields Supply Centre Ltd has committed RM620m to build a supply base in the East Coast Economic Region Special Zone, Star Publications Bhd has announced a special dividend of 52.6sen translating into a yield of 14.1% and HELP International Corporation Bhd intends to set up a campus in Iskandar Malaysia. We expect the market to trade higher ahead of the budget announcement and further spurred on by the Dow Jones overnight positive close after indications by the Fed that inflation was too low, suggesting that it could step up its purchases of government bonds and take other action to encourage lending.
*Terkini – Jadual Seminar & Bengkel PUABUMI 2012
4 years ago