The expected correction. After notching up a record high last week, the inevitable correction finally set in yesterday, with the FBM KLCI sliding over 8 points at the close. Regional markets were also not spared a broad sell-down, sparked by renewed concerns over inflationary threats with the Jakarta Composite Index leading the decline. The number of shares traded on Bursa Malaysia remained high at over 2.2bn, indicating possibly strong foreign participation. Jelas Ulung has failed to deposit the RM50m ahead of the 5pm deadline yesterday for its bid to be considered as one of the takeover offers for PLUS; (ii) Transmile will sell 4 aircraft for RM209m; and (iii) a subsidiary of SAAG has inked a RM239m contract to build a 40k tramway in Melaka. The market may trade range bound today in search of fresh leads, with investors also taking the cue from external developments. Strong support is seen at 1551 pts. Overnight, the US markets finished weaker on concerns over European bank debt and the possible bailout of Portugal.A
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Tuesday, January 11, 2011
Tuesday, January 11, 2011
Market Review
The expected correction. After notching up a record high last week, the inevitable correction finally set in yesterday, with the FBM KLCI sliding over 8 points at the close. Regional markets were also not spared a broad sell-down, sparked by renewed concerns over inflationary threats with the Jakarta Composite Index leading the decline. The number of shares traded on Bursa Malaysia remained high at over 2.2bn, indicating possibly strong foreign participation. Jelas Ulung has failed to deposit the RM50m ahead of the 5pm deadline yesterday for its bid to be considered as one of the takeover offers for PLUS; (ii) Transmile will sell 4 aircraft for RM209m; and (iii) a subsidiary of SAAG has inked a RM239m contract to build a 40k tramway in Melaka. The market may trade range bound today in search of fresh leads, with investors also taking the cue from external developments. Strong support is seen at 1551 pts. Overnight, the US markets finished weaker on concerns over European bank debt and the possible bailout of Portugal.A
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