Strength begets strength. As expected, the FBM KLCI rallied 11 points yesterday, piercing through its 1512 to 1514-point resistance zone. Big gainers among the component stocks were Tenaga, Genting, CIMB, Petronas Chemicals and PPB Group. Market breadth was also positive, with gainers beating losers by 494 to 307. Today’s news headlines are Malaysia's Industrial Production Index rose by 3.0% in October with manufacturing up 4.5%, electricity 5% but mining fell by 1.1%, SP Setia reported RM75.2m in net profit in its fiscal 4Q, Bolton disposes of its 100% stake in Lim Thiam Leong Realty, which holds the Campbell Complex, for RM50m cash. Overnight, the Dow as well as the European bourses were little changed. Hence, yesterday's bullish sentiment on the Malaysian stock exchange should spill over to the morning session, although profit-taking could possibly set in in the afternoon
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Friday, December 10, 2010
Friday, December 10, 2010
Market Review
Strength begets strength. As expected, the FBM KLCI rallied 11 points yesterday, piercing through its 1512 to 1514-point resistance zone. Big gainers among the component stocks were Tenaga, Genting, CIMB, Petronas Chemicals and PPB Group. Market breadth was also positive, with gainers beating losers by 494 to 307. Today’s news headlines are Malaysia's Industrial Production Index rose by 3.0% in October with manufacturing up 4.5%, electricity 5% but mining fell by 1.1%, SP Setia reported RM75.2m in net profit in its fiscal 4Q, Bolton disposes of its 100% stake in Lim Thiam Leong Realty, which holds the Campbell Complex, for RM50m cash. Overnight, the Dow as well as the European bourses were little changed. Hence, yesterday's bullish sentiment on the Malaysian stock exchange should spill over to the morning session, although profit-taking could possibly set in in the afternoon
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