Daily Commentaries 30th August 06
OSK Research
Technical View
The market continues to hold its course ahead of the 2Q06 GDP announcement today and Budget 2007 on Friday. Today is also the final day of the current reporting season with the last of the big caps such as MAS and Genting expected to unveil their results. So far, earnings have mostly met expectations albeit there were several casualties among the smaller caps. News today revolves around results that were released last night including Sime Darby which surprised on the upside, AirAsia and RHB Capital came in within expectations while Proton disappointed with a 1Q06 loss. Stationary maker, Pelikan is also in the news today with approval granted for its 1-for-5 bonus issue while 2Q06 results have outperformed consensus estimates. We would expect much of the same trend for the KLCI on the eve of Independence Day celebrations with the positive bias coming from the further easing of oil prices below the US$70 per barrel mark. US markets pocketed marginal gains last night after the consumer confidence index dropped to the lowest level since November otherwise offset by expectations of a pause in the Fed rate with economic growth coming below potential. Immediate support and resistance are pegged at 950 and 955 respectively.
Technical View
The market continues to hold its course ahead of the 2Q06 GDP announcement today and Budget 2007 on Friday. Today is also the final day of the current reporting season with the last of the big caps such as MAS and Genting expected to unveil their results. So far, earnings have mostly met expectations albeit there were several casualties among the smaller caps. News today revolves around results that were released last night including Sime Darby which surprised on the upside, AirAsia and RHB Capital came in within expectations while Proton disappointed with a 1Q06 loss. Stationary maker, Pelikan is also in the news today with approval granted for its 1-for-5 bonus issue while 2Q06 results have outperformed consensus estimates. We would expect much of the same trend for the KLCI on the eve of Independence Day celebrations with the positive bias coming from the further easing of oil prices below the US$70 per barrel mark. US markets pocketed marginal gains last night after the consumer confidence index dropped to the lowest level since November otherwise offset by expectations of a pause in the Fed rate with economic growth coming below potential. Immediate support and resistance are pegged at 950 and 955 respectively.
posted by nomadhunter at 7:30 PM
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