Daily Commentaries 22nd May 2008

Despite the sharp fall on the Dow, the KLCI lost just 6 points at 1281 in thin trading of just 531m shares. For the whole of May, the KLCI has been trapped within the 1271 – 1305 range. The direction of the range breakout will determine the short-term direction. Crude oil surged past US$133 on weak supply data and dollar’s weakness resulting in the Dow falling by 227 points. Corporate news: Kosmo Technology Industrial served with letter of demand for RM27.5m by Kuwait Finance House, Global Carriers disposed off a tanker vessel for RM12.3m, Asiatic Development completed the first draft of its palm oil genome sequencing, MMC said there is no cost overrun in its double-tracking rail project.