Daily Commentaries 28th May 2008

The KLCI continues its range bound trading amid external uncertainties and weakness in regional sentiments. Volume was thin at around 433m shares. On the global front, US consumer confidence in May plunged to its lowest in 16 years. Corporate newsflows include Genting rumoured to be selling its power assets while bagging a new PSC in Indonesia, IOI Group’s executive director of finance, Datuk Yeo How’s resignation and Tenaga planning to buy back as much as 10% of its stock. Additionally, Sunrise is believed to be acquiring Wisma Angkasa Raya for a record deal. Technical-wise, immediate resistance remains at the 1305 pts level and support at the 1270 pts level followed by the 1240 pts level.