September 7, 2006

Daily Commentaries 8th September 06

OSK Research

Technical View

As expected, profit taking did continue across the board with volume continuing to remain thin. Today’s announcements of interest are CIMB’s RM70m rebranding of its BCB and SBB bank branches, APB’s proposed JV with PSCI for the construction and repair of ships in Penang, MP Technology’s discovery of possible fraudulent financial irregularities, Petronas Gas’ completion of the 20% stake acquisition in Gas Malaysia, Kinsteel’s completion of the Perwaja acquisition and Cahaya Mata Sarawak’s sale of its steel mill. Timber players may receive some attention with the Malaysian Timber Council expecting export growth of between 3 to 5% this year. Despite oil prices taking a dip below the US$68/barrel level, US markets still fell yesterday on concerns of slowing economic growth. As such, we see the market continue to drift down towards the 953 and 948 pts support levels.


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