August 28, 2006

Daily Commentaries 29th August 06

OSK Research

Technical View

Trading volume was considerably thin yesterday as investors chose to remain on the sidelines. The market closed only marginally higher with blue chips keeping the 950 level afloat despite regional markets ending mostly in the red. Pantai is in the news today with Khazanah wresting control of the company from Singapore’s Parkway Holdings. Pioneer Cash and Carry entrant, Makro has been put up for sale while Ireka is selling the 455 room Westin Hotel to Newood Assets Ltd. In terms of results announcements last night, Ahmad Zaki surprised on the upside while Bumi Commerce, Tanjong Offshore and Hong Leong Bank met expectations. Samudra and Chin Well were notable casualties. For today, sentiment on the market could be dampened by reports that SC will be investigating the trading and manipulation of Iris’ shares. Contrast again the higher overnight close on the Dow and steady oil price, the KLCI could consolidate further today with a slight positive bias. Support is seen at the 940 level.


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