Daily Commentaries 14th Sep 06
OSK Research
Technical View
After the recent retracement, the market appeared to lack direction yesterday, closing slightly in the positive territory with losers and gainers fairly equal. While the KLCI held onto the 953 pts support level, the anticipated broader market rally did not take place. News for today includes MTD Capital securing a section of the East Coast Expressway project for RM1.4bn, Jobstreet’s JV to diversify into an online lifestyle portal in Singapore, Glomac’s joint development with PKNS of 20 acres of land in Bangi and Salcon continuing on Phase 2 of its NRW project in Sandakan. FDI may get a boost with the setting up of a special cabinet panel for high impact foreign investor projects. Crude oil rebounded above the US$64 per barrel bringing some cheer to energy companies in the US which helped lift the market there. Substantial support remains at the 948 pts level although given the lack of fresh domestic leads, the KLCI may drift rangebound.
Technical View
After the recent retracement, the market appeared to lack direction yesterday, closing slightly in the positive territory with losers and gainers fairly equal. While the KLCI held onto the 953 pts support level, the anticipated broader market rally did not take place. News for today includes MTD Capital securing a section of the East Coast Expressway project for RM1.4bn, Jobstreet’s JV to diversify into an online lifestyle portal in Singapore, Glomac’s joint development with PKNS of 20 acres of land in Bangi and Salcon continuing on Phase 2 of its NRW project in Sandakan. FDI may get a boost with the setting up of a special cabinet panel for high impact foreign investor projects. Crude oil rebounded above the US$64 per barrel bringing some cheer to energy companies in the US which helped lift the market there. Substantial support remains at the 948 pts level although given the lack of fresh domestic leads, the KLCI may drift rangebound.
posted by nomadhunter at 7:32 PM
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