September 24, 2006

Daily Commentaries 25th Sep 06

OSK Research

Technical View

Given that the previous week was a momentous week, the KLCI did prove to be somewhat resilient bucking the Dow's 0.5% decline to close flat w-o-w. Friday's close was typical of the cautious upside ahead of the weekend as investors locked-in quick gains with market breadth looking mixed. The government's denial of a tariff hike for Puncak could see some of its near-term gains pared today. Elsewhere, key news includes Sime Engineering's interest in Ramunia, Roadbuilder’s RM348m railway construction contract from the Transport Ministry and PECD/Nam Fatt’s claims for cost overruns in Sudan. Recent AIMS debutante, GMO is also reported to be close to completing the purchase of a content provider in China that could boost sentiment on Green Packet, its key shareholder. The range bound trade on the market is expected to continue today with investors taking cue from the US market, which faces a second week of heavy economic data announcements including consumer inflation and confidence numbers. Support remains at the 957 level. Here's wishing our readers and clients a Happy Start to the month of Ramadan.

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