March 26, 2007

Daily Commentaries 27th Mar 07

Despite the overall mixed trading, the KLCI still managed to eke a respectable 8.67 points gain to close slightly off the high of 1246.75. A key market sweetener was the Ringgit which crept to a new 10 year high of RM3.452. Major headlines today includes DiGi's new prepaid plan targeting youths, WCT Engineering clinching a drainage and sewerage construction job for the Dubai airport and Latitude Tree receiving a new substantial shareholder in the form of Konsortium Kontrek. Also, shareholders accepting Wilmar’ VGO for shares in PPB Oil are required to repatriate all dividends, profits and proceeds from the disposal of their investments once they are paid or when they dispose off their investments according to a BNM ruling. There appears to be enough notable newsflows to see the extension of the upside today although the market could well take a breather with oil high oil prices reining on sentiment and the lower overnight close on the Dow. Next resistance is pegged at 1250 while immediate support is now at 1220 level.


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