Daily Commentaries 11th Sep 06
OSK Research
Technical View
The market snapped its 3 day losing streak to close higher last Friday spurred by oil prices falling below the US$67 per barrel level. Proton was in the news over the weekend with the possible cut in its FY07 KPIs due to the challenging market conditions, the first by a GLC that could re-ignite fears over the health of the GLC transformation program. An IJM-led consortium also secured a RM1.32bn contract in the United Arab Emirates for a building project while oil and gas services providers, KNM and Tanjong Offshore are in the news again with strong demand prospects for their services. Aside from that, Hovid has proposed a 1-into-5 stock split while Kian Joo proposed a 1-into-2 stock split subsequent to a 1-for-5 bonus issue to boost their liquidity. EON is also reported to have renewed talks with VW for the distributorship of up to 9 of the latter’s models. Meanwhile, ASTRO reported good 1HFY07 results underpinned by strong demand for the World Cup whilst announcing the setting-up of a JV to offer advertising services in China. Given the slew of corporate news flows and the US markets having shrugged off concerns of the soft economic outlook to finish higher ahead of the weekend coupled with easing crude oil prices, there is enough meat for the market to trend firmer today. Immediate support and resistance levels are pegged at 955 and 960 levels respectively.
Technical View
The market snapped its 3 day losing streak to close higher last Friday spurred by oil prices falling below the US$67 per barrel level. Proton was in the news over the weekend with the possible cut in its FY07 KPIs due to the challenging market conditions, the first by a GLC that could re-ignite fears over the health of the GLC transformation program. An IJM-led consortium also secured a RM1.32bn contract in the United Arab Emirates for a building project while oil and gas services providers, KNM and Tanjong Offshore are in the news again with strong demand prospects for their services. Aside from that, Hovid has proposed a 1-into-5 stock split while Kian Joo proposed a 1-into-2 stock split subsequent to a 1-for-5 bonus issue to boost their liquidity. EON is also reported to have renewed talks with VW for the distributorship of up to 9 of the latter’s models. Meanwhile, ASTRO reported good 1HFY07 results underpinned by strong demand for the World Cup whilst announcing the setting-up of a JV to offer advertising services in China. Given the slew of corporate news flows and the US markets having shrugged off concerns of the soft economic outlook to finish higher ahead of the weekend coupled with easing crude oil prices, there is enough meat for the market to trend firmer today. Immediate support and resistance levels are pegged at 955 and 960 levels respectively.
posted by nomadhunter at 7:30 PM
0 Comments:
Post a Comment
<< Home