Daily Commentaries 23rd August 06
OSK Research
Technical View
Morning Call by OSK
The market again traded within a tight range yesterday and closed slightly up led by Maybank, Maxis and IOI. Retailers chose to stay on the sidelines in trepidation as Farm’s Best took the plunge. On the news front today, the government has raised the foreign ownership level for local insurers to 49% from 30% previously. Landmarks has refuted talks of a casino in Indonesia, Worldwide is being taken private by PKNS and Bank Negara is initiating internal organization changes. Also OilCorp might see interest on the award of a RM40m contract. Results announcement last night show some promise with Guinness, Maybulk and Dialog exceeding our expectations. Crude oil prices were little changed yesterday as concerns of demand slowing and growing stock piles coincide with Iran considering serious negotiations on its nuclear research programme. The nuclear issue also weighed down on the Dow which closed flat. We see the market trending within an upward bias today, albeit within a tight range judging from the good showing of results. Technically speaking, support and resistance levels remain at 940 and 946 respectively.
Technical View
Morning Call by OSK
The market again traded within a tight range yesterday and closed slightly up led by Maybank, Maxis and IOI. Retailers chose to stay on the sidelines in trepidation as Farm’s Best took the plunge. On the news front today, the government has raised the foreign ownership level for local insurers to 49% from 30% previously. Landmarks has refuted talks of a casino in Indonesia, Worldwide is being taken private by PKNS and Bank Negara is initiating internal organization changes. Also OilCorp might see interest on the award of a RM40m contract. Results announcement last night show some promise with Guinness, Maybulk and Dialog exceeding our expectations. Crude oil prices were little changed yesterday as concerns of demand slowing and growing stock piles coincide with Iran considering serious negotiations on its nuclear research programme. The nuclear issue also weighed down on the Dow which closed flat. We see the market trending within an upward bias today, albeit within a tight range judging from the good showing of results. Technically speaking, support and resistance levels remain at 940 and 946 respectively.
posted by nomadhunter at 7:51 PM
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