Daily Commentaries 25th August 06
OSK Research
Technical View
The KLCI again experienced a last minute rally to close just slightly in the negative territory even as other regional markets slumped on fears of overtightening of interest rates in the US. For the results round up, YTL and Muhibbah Engineering showed good growth but there was more on the downside with Kian Joo, Halim Mazmin and Heitech Padu results uninspiring. Maybank’s was on the higher side of consensus estimates. Aside from results, Naim Cendera announced a contract from the Ministry of Human Resources worth RM88m for the supply of training equipment and Oilcorp announced the expansion of the Konsortium Perikanan Nasional with the addition of a new party. PLUS announced that it was refinancing its Islamic bonds while YTL Corp made an offer for sale to its shareholders of 1 YTL Power share for 10 YTL Corp shares at a steep discount price of RM1.00 per YTL Power share. Unconfirmed sources were quoted as saying Proton is set to ink a deal with a major Thai car firm to distribute Proton cars in Thailand. US markets closed largely flat overnight and we expect the KLCI to perform similarly ahead of the BNM meeting today where we expect interest rates to hold. For today, resistance is at 949 pts while support remains at the 938 level.
Technical View
The KLCI again experienced a last minute rally to close just slightly in the negative territory even as other regional markets slumped on fears of overtightening of interest rates in the US. For the results round up, YTL and Muhibbah Engineering showed good growth but there was more on the downside with Kian Joo, Halim Mazmin and Heitech Padu results uninspiring. Maybank’s was on the higher side of consensus estimates. Aside from results, Naim Cendera announced a contract from the Ministry of Human Resources worth RM88m for the supply of training equipment and Oilcorp announced the expansion of the Konsortium Perikanan Nasional with the addition of a new party. PLUS announced that it was refinancing its Islamic bonds while YTL Corp made an offer for sale to its shareholders of 1 YTL Power share for 10 YTL Corp shares at a steep discount price of RM1.00 per YTL Power share. Unconfirmed sources were quoted as saying Proton is set to ink a deal with a major Thai car firm to distribute Proton cars in Thailand. US markets closed largely flat overnight and we expect the KLCI to perform similarly ahead of the BNM meeting today where we expect interest rates to hold. For today, resistance is at 949 pts while support remains at the 938 level.
posted by nomadhunter at 7:14 PM
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