Daily Commentaries 14th Mar 07

The KLCI closed at the 1,200 level after it succumbed to profit taking in the second session, wiping-out the 10 points gain in the morning session, while regional markets closed mix. Topping corporate news today are Alam Maritim’s LOI from Murphy for a RM19.2mn contract to supply a fast crew boat, IOI Properties and a Singapore company winning a tender for a 1.46ha leasehold land on Sentosa Island while DiGi has also denied a tie-up with Time dotCom. Meanwhile, the successful recipients of the WiMAX spectrum could well be announced later today. With the Dow plunging 242.66 points overnight following the revelation of weaker than expected retail sales and concerns on the sub-prime mortgage contagion effect enveloping the financial sector, there is further downside on the market today. Immediate support is pegged at 1187 followed by 1150.