Daily Commentaries 28th Sep 06

The market saw another day of lackluster trading, inching up 0.66 points. Selected blue chips like CAHB saw some interest while retail investors continued to be on the sidelines. On the corporate forefront, sources say that Sime Darby has been given the green light to acquire Ramunia while Ranhill is looking to raise US$250m to finance and refinance existing debt obligations. Proton may be assembling Chery vehicles next year should discussions with the Chinese party conclude and Bursa has deferred the re-introduction of short selling by a month. Tanjong announced its results last night that came in below our and market expectations while Sapuracrest and Glomac also disappointed. We again expect the listless trading stance to prevail today considering the lack of fresh leads and despite modest gains on the Dow and regional markets. To note, oil prices remained relatively firm last night while CPO futures extended their gains. Today’s support remains at 957 while resistance is at the 966-970 level.