Daily Commentaries 4th July 07

The KLCI continued its uptrend, testing the 1,375 resistance level. In general, regional markets also closed positive. Ingress has been awarded a RM26.7m transmission installation contract from TNB, while Ekovest has signed a deal with Credence Resources and Danga Bay Holdings to buy the entire shares of Danga Bay Sdn Bhd for RM1.1bn. Tradewinds Corp has denied any group-wide restructuring plan while Bandaraya and Kumpulan Hartanah have denied any privatization plans. Meanwhile, Megan Media Holdings is in the midst of preliminary discussions with its creditor banks to regularise its financial condition and has about seven months to submit its plan to the relevant authorities. The local bourse may take cue from the firm closing on the Dow last night with high crude oil prices as a concern. Immediate support and resistance are at the 1,360 and 1,380 levels, respectively.