Daily Commentaries 18th September 2009

The FBM KLCI advanced by another 5.8 points to close at 1218.8 on further improved volume of 877m shares. Market breadth was positive, with gainers beating losers by nearly 2 to 1. Among the regional markets, Tokyo and Hong Kong both gained 1.7% each. Meanwhile, the US market was flat and Europe was just half a percent higher. The news headlines include IJM Corp winning a RM327m award for the construction of a highway in India, KNM Group buys a 50% stake in a company with an Euro220m oil storage contract, Unisem proposes a 10% private placement, SP Setia reported a RM42.7m quarterly profit, General Motors severs ties with DRB-Hicom, Malaysia’s August car sales rose 2.8% y-o-y. Without any major market moving factors, the local market is likely to take a breather ahead of the long Hari Raya weekend.