March 15, 2007

Daily Commentaries 16th Mar 07

Uncertainty still reigned in the market yesterday with wide swings in the KLCI. Nonetheless, it did manage to close in the black, up 13.93 pts. Industry watchers will be keenly awaiting the Government’s announcement on the winners of the WiMax licence recipients today. Corporate news includes Telekom Malaysia exploring opportunities to acquire wireless operators in Vietnam and Laos, Ingress announcing that it had received LOIs from TNB to supply electrical equipment and civil works at substations worth RM36.2m as well as Bina Puri securing construction contracts for condominiums in Bangkok worth RM63.8m. With regards to the EPF-RHB deal, EPF is open to Kuwait Finance House as a strategic partner for RHB but its top priority will be to dispose of non-core assets and reduce debts. Bursa Malaysia is also in early talks to buy strategic stakes in the stock exchanges of Vietnam and Indonesia. With overseas markets looking positive, we expect the KLCI to continue creeping up today. The technical view now points to a continuous resistance range from here up to the 1200 pts level while support will likely kick in at the 1159 pts level.

0 Comments:

Post a Comment

<< Home