Daily Commentaries 13th Oct 06
OSK Research
Technical View
The KLCI’s finally broke through the 970 pts resistance level convincingly to record a 5.25 pts gain. With gainers outnumbering losers 2 to 1 on an above average volume of 840.4m shares, it would appear that the outlook is looking more positive. For today, Golden Hope and its subsidiary Mentakab Rubber announced plans to expand their rubber and oil palm plantations respectively. Unconfirmed rumours point to Puncak Niaga planning a RM1.25 per share capital repayment while Tenaga’s strong results may give it a boost today. Top Glove is buying a 60% stake in Singapore-listed Medi-Flex who owns 2 glove plants in Klang and Banting. Finally, CCM has proposed a RM18.5m acquisition of a 15% stake in US biotechnology firm Synergy America Inc. With the overnight rally on Wall Street which again took it to record highs, the local market looks set for a run up riding on Tenaga’s results. As for oil prices, a fall in US heating supplies has led to oil price climbing above the US$58 per barrel mark. This may prove positive to plantation stocks in relation to biodiesel’s potential. Resistance is now at the 980 pts level while support is at 970.
Technical View
The KLCI’s finally broke through the 970 pts resistance level convincingly to record a 5.25 pts gain. With gainers outnumbering losers 2 to 1 on an above average volume of 840.4m shares, it would appear that the outlook is looking more positive. For today, Golden Hope and its subsidiary Mentakab Rubber announced plans to expand their rubber and oil palm plantations respectively. Unconfirmed rumours point to Puncak Niaga planning a RM1.25 per share capital repayment while Tenaga’s strong results may give it a boost today. Top Glove is buying a 60% stake in Singapore-listed Medi-Flex who owns 2 glove plants in Klang and Banting. Finally, CCM has proposed a RM18.5m acquisition of a 15% stake in US biotechnology firm Synergy America Inc. With the overnight rally on Wall Street which again took it to record highs, the local market looks set for a run up riding on Tenaga’s results. As for oil prices, a fall in US heating supplies has led to oil price climbing above the US$58 per barrel mark. This may prove positive to plantation stocks in relation to biodiesel’s potential. Resistance is now at the 980 pts level while support is at 970.
posted by nomadhunter at 7:52 PM
1 Comments:
it seems the resistance og 980 has been breached ... whether it can be sustain or not will depends on wall street today ...
http://stocktube.blogspot.com
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