Daily Commentaries 12th June 2008

The KLCI lost 1.7 points at 1229.28, weighed down by Genting, IOI Corp, Sime Darby, Public Bank and RHB Cap. Volume continued to be thin at 443m shares. Crude oil surged again last night, rising to $138 per barrel on weaker dollar as well as the US Energy Department’s report that oil inventory fell more than expected. This stoked inflation concerns and the Dow fell by more than 200 points. Headline news: Malaysian Prime Minister said there is no more petrol price hike this year, Asiatic Development entered into JV to develop 45k hectares of oil palm plantation in Central Kalimantan and Bina Puri secures RM81m contract to build condo in Bangkok.