Daily Commentaries 13th June 2008

The KLCI was further pared down by 3.74pts yesterday in line with regional weakness. For today corporate news includes MAS looking to increase its fuel surcharge in 2 weeks, UEM selling 17.6 ha of land in Nusajaya to a West Asian investor for RM396.4m and unconfirmed news that UEM will also not be securing an automatic concession for the Second Penang Bridge which will instead be tendered out to the highest bidder. With US markets enjoying a modest rebound yesterday, we believe the current 1216 pts support level should hold. Resistance begins at the 1234 pts level.