Daily Commentaries 7th September 06
OSK Research
Technical View
Profit taking activities continued yesterday particularly for plantation counters and blue chips such as Genting after the recent run up. For today, oil and gas players are in the news with Petra Perdana ordering a new marine vessel, Tanjung Offshore transferring to the Main Board tomorrow, APB Resources being suspended and SAAG completing the acquisition of a workover rig. Nonetheless, on a global scale, the price of oil dropped on less war risk in Iran and no signs of an oil disrupting hurricane. This may in turn impact the plantation players who have seen share price hikes on anticipation that CPO prices will rise in line with oil prices. Further news that may dampen the plantation counters is the statement from the Plantation Industries and Commodities Minister that the Government may revoke some biodiesel licenses for those license holders which are not committed to the business. In other news, Maxis will have to spend some US$300m to expand its Indian operations while GMO shares doubled its IPO price on its listing yesterday in London which may boost its 3 key shareholders in Malaysia. With the overnight drop in US markets on renewed fears of rate hikes, we feel that the local bourse may drift lower towards the 953 pts support level for today.
Technical View
Profit taking activities continued yesterday particularly for plantation counters and blue chips such as Genting after the recent run up. For today, oil and gas players are in the news with Petra Perdana ordering a new marine vessel, Tanjung Offshore transferring to the Main Board tomorrow, APB Resources being suspended and SAAG completing the acquisition of a workover rig. Nonetheless, on a global scale, the price of oil dropped on less war risk in Iran and no signs of an oil disrupting hurricane. This may in turn impact the plantation players who have seen share price hikes on anticipation that CPO prices will rise in line with oil prices. Further news that may dampen the plantation counters is the statement from the Plantation Industries and Commodities Minister that the Government may revoke some biodiesel licenses for those license holders which are not committed to the business. In other news, Maxis will have to spend some US$300m to expand its Indian operations while GMO shares doubled its IPO price on its listing yesterday in London which may boost its 3 key shareholders in Malaysia. With the overnight drop in US markets on renewed fears of rate hikes, we feel that the local bourse may drift lower towards the 953 pts support level for today.
posted by nomadhunter at 7:41 PM
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