Daily Commentaries 19th Sep 06
OSK Research
Technical View
Tenaga shined yesterday on news that it will benefit from impending changes in the framework of IPPs, contributing to the positive close on the KLCI. News today came in the form of the 17.7% y-o-y rise in July manufacturing sales while Protasco and TSR Capital have bagged RM246.2m and RM50m contracts for road upgrade and rehabilitation and the building of a police headquarters respectively. Meanwhile, General Motors (GM) is expanding its presence in Asia with the purchase of a controlling 51% stake in Hicomobil, a unit of DRB-Hicom. Petronas has also indicated it will pay taxes in Chad, ending the dispute between the government and oil majors in the African country. On a dismal note, the investigations into a foreign hedge fund, Aeneas Capital Management LP’s involvement in the sell-off of Iris, Mobif and Farm Best could be the Achilles heel for the market. Coupled with the weaker close on the Dow and crude oil prices inching back up again, there is downside risk today. Immediate support is at 955 with the next target at 948.
Technical View
Tenaga shined yesterday on news that it will benefit from impending changes in the framework of IPPs, contributing to the positive close on the KLCI. News today came in the form of the 17.7% y-o-y rise in July manufacturing sales while Protasco and TSR Capital have bagged RM246.2m and RM50m contracts for road upgrade and rehabilitation and the building of a police headquarters respectively. Meanwhile, General Motors (GM) is expanding its presence in Asia with the purchase of a controlling 51% stake in Hicomobil, a unit of DRB-Hicom. Petronas has also indicated it will pay taxes in Chad, ending the dispute between the government and oil majors in the African country. On a dismal note, the investigations into a foreign hedge fund, Aeneas Capital Management LP’s involvement in the sell-off of Iris, Mobif and Farm Best could be the Achilles heel for the market. Coupled with the weaker close on the Dow and crude oil prices inching back up again, there is downside risk today. Immediate support is at 955 with the next target at 948.
posted by nomadhunter at 7:54 PM
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