September 17, 2006

Daily Commentaries 18th Sep 06

OSK Research

Technical View

The market recovered to close just a shade firmer last Friday with benign sentiment reflected on the 555m shares. YTL spearheads corporate news over the weekend with a maiden property development project secured in Singapore's Sentosa island valued at US$100m. The company's IPP arm, YTL Power may however feel the heat from a likely revision in PPA against its favour according to a business weekly. EPF also said it is still keen on RHB and has asked UBG to disclose the price it wanted for the stake. Meanwhile, Bank of Nova Scotia has denied talks that discussions are on-going with UBG on the same. Makro is in the news again with its exit igniting bids from retail giants, Walmart and Costco while Proton surprised the market with a letter of intent secured with PSA Peugeot Citroen for possible cooperation. That the 955 level is still holding explained a certain degree of institutional support on heavyweights but poor retail sentiment would cap any meaningful upside for the broader market. The US Fed's meeting on Wednesday to decide on interest rate plus a string of economic data to be released should keep the KLCI rangebound.


Post a Comment

<< Home