Daily Commentaries 21st August 06
Kenanga Daily
Morning Call by OSK
The KLCI closed a touch weaker ahead of the weekend on softer crude oil prices. The disparity between gainers and losers quickly tilted in favour of the former after the PM revealed the Industrial Master Plan (IMP). Aside from the IMP, other key news items include Genting coming in as a new suitor for Landmarks, Mulpha's bid for control of listed Australian hotel group, Grand Hotel and few contracts secured by WCT, Fajar Baru and Road Builder. It was also reported that the RHB EPF deal may have hit a brickwall as both parties could not agree on the pricing. Celcom is also making a capital repayment amounting to RM700m to its parent, TM. Results announcement last Friday showed Opus and Choo Bee reporting better-than-expected numbers while Far East and Metrod delivering mediocre performance. Given the more positive stance on economic fundamentals as conveyed by the IMP, higher closer on the US markets last Friday and rumblings ahead of the Budget, we would expect the KLCI to start on a firmer note today. Immediate resistance is seen at 946 while firmer support remains at 940.
Morning Call by OSK
The KLCI closed a touch weaker ahead of the weekend on softer crude oil prices. The disparity between gainers and losers quickly tilted in favour of the former after the PM revealed the Industrial Master Plan (IMP). Aside from the IMP, other key news items include Genting coming in as a new suitor for Landmarks, Mulpha's bid for control of listed Australian hotel group, Grand Hotel and few contracts secured by WCT, Fajar Baru and Road Builder. It was also reported that the RHB EPF deal may have hit a brickwall as both parties could not agree on the pricing. Celcom is also making a capital repayment amounting to RM700m to its parent, TM. Results announcement last Friday showed Opus and Choo Bee reporting better-than-expected numbers while Far East and Metrod delivering mediocre performance. Given the more positive stance on economic fundamentals as conveyed by the IMP, higher closer on the US markets last Friday and rumblings ahead of the Budget, we would expect the KLCI to start on a firmer note today. Immediate resistance is seen at 946 while firmer support remains at 940.
posted by nomadhunter at 8:35 PM
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