Healthy technical correction? The FBM KLCI ended at 1,566.51, down 3.53 pts on an extended technical sell-off of most counters, especially financial and small-cap stocks. Market breadth was negative, with losers beating winners 545 to 293 while 270 counters were unchanged, 283 untraded and 36 suspended. Among the key market news are the persistently high prices of coal could cut the TNB's 2011 earnings by as much as 20%, OSK eyes Thai brokerage, Perak MB said Vale project may cost up to RM14bn and likely to start in July or August, EPF buys London’s Fleet Street at RM720m, Bina Puri unit wins RM62.8m contract, Puncak Niaga fails to get Indian jobs, OilCorp set to be delisted on 25 Jan 2011, and Nepline Bhd, Maxbiz Corp Bhd and Prime Utilities Bhd reprimanded for breaching various regulations. Overnight, US stocks erased most of their losses as Morgan Stanley, Home Depot Inc. and builders rallied, DJIA closed almost unchanged at 11,811.8. However, as the Singapore and Hong Kong bourses posted their biggest drop in many weeks yesterday, we expect to see some selling pressure in local bourse today.
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Friday, January 21, 2011
Market Review
Healthy technical correction? The FBM KLCI ended at 1,566.51, down 3.53 pts on an extended technical sell-off of most counters, especially financial and small-cap stocks. Market breadth was negative, with losers beating winners 545 to 293 while 270 counters were unchanged, 283 untraded and 36 suspended. Among the key market news are the persistently high prices of coal could cut the TNB's 2011 earnings by as much as 20%, OSK eyes Thai brokerage, Perak MB said Vale project may cost up to RM14bn and likely to start in July or August, EPF buys London’s Fleet Street at RM720m, Bina Puri unit wins RM62.8m contract, Puncak Niaga fails to get Indian jobs, OilCorp set to be delisted on 25 Jan 2011, and Nepline Bhd, Maxbiz Corp Bhd and Prime Utilities Bhd reprimanded for breaching various regulations. Overnight, US stocks erased most of their losses as Morgan Stanley, Home Depot Inc. and builders rallied, DJIA closed almost unchanged at 11,811.8. However, as the Singapore and Hong Kong bourses posted their biggest drop in many weeks yesterday, we expect to see some selling pressure in local bourse today.
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