Budget and GST cheer. The pre-budget rally propelled the 10 pt-gain on the FBM KLCI yesterday, closing just 4 pts short of the psychological resistance of 1500. Market breadth was mostly positive, with gainers thumping losers more than 2-to-1. There is no shortage of news today, with the Government deferring the implementation of the GST, Manulife Century Holdings (MNCH) is making a conditional takeover office for Manulife at RM3.22/share, MMHE's IPO has reportedly been oversubscribed by a hefty 15x and Kencana bagged a RM16.4m contract from Petronas. Meanwhile, NV Multi has accepted the buyout offer from Mutual Tactic at RM0.78/share. With the postponement of the GST reinforcing talks of an early general election and speculation of other potential budget goodies including the positive sentiment on MMHE's impending listing,, there are enough catalysts for the market to attempt a new high today. Overnight, both commodities and the US markets closed higher, with the latter benefiting from the Fed’s statement that it would protect the economic recovery.
*Terkini – Jadual Seminar & Bengkel PUABUMI 2012
4 years ago