Daily Commentaries 22nd August 06
OSK Research
Technical View
Morning Call by OSK
The KLCI gyrated within a tight 3 point range throughout the day but managed to close in positive territory led by blue chips BAT, Nestle and Petronas Gas. That retail investors were away for the school holidays probably explained the modest trading volume of only 436m shares. Key headlines today include Alam Maritim’s purchase of 3 new vessels, MAS’ offer of 1m seats under the new multi-tier domestic fare scheme and SC’s official rejection on Farms Best’s placement exercise. Genting also confirmed that it was the buyer of a 16.6% stake in Landmarks. 3G is in the news with MiTV slated to rollout its services by 1H2007 while the government is mulling the possibility of setting up a national telco infrastructure company to expedite broadband rollout. There was a mixed bag of small cap results yesterday with UAC reporting better than expected numbers, Yi-Lai and Hexagon coming in line while Crest Builder and Sunrise disappointed. US markets closed weaker on profit taking and renewed concerns on higher oil prices crimping profitability. The KLCI is expected to extend its narrow trading range with a bias on the downside given the absence of fresh leads and the wait-and-see attitude ahead of the BNM monetary policy committee meeting this Friday. No change in the support and resistance levels of 940 and 946 respectively.
Technical View
Morning Call by OSK
The KLCI gyrated within a tight 3 point range throughout the day but managed to close in positive territory led by blue chips BAT, Nestle and Petronas Gas. That retail investors were away for the school holidays probably explained the modest trading volume of only 436m shares. Key headlines today include Alam Maritim’s purchase of 3 new vessels, MAS’ offer of 1m seats under the new multi-tier domestic fare scheme and SC’s official rejection on Farms Best’s placement exercise. Genting also confirmed that it was the buyer of a 16.6% stake in Landmarks. 3G is in the news with MiTV slated to rollout its services by 1H2007 while the government is mulling the possibility of setting up a national telco infrastructure company to expedite broadband rollout. There was a mixed bag of small cap results yesterday with UAC reporting better than expected numbers, Yi-Lai and Hexagon coming in line while Crest Builder and Sunrise disappointed. US markets closed weaker on profit taking and renewed concerns on higher oil prices crimping profitability. The KLCI is expected to extend its narrow trading range with a bias on the downside given the absence of fresh leads and the wait-and-see attitude ahead of the BNM monetary policy committee meeting this Friday. No change in the support and resistance levels of 940 and 946 respectively.
posted by nomadhunter at 6:46 PM
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