Daily Commentaries 25th September 2009

The FBM KLCI ended 1.01 points lower to end at 1,218.06. Moody’s Investor Service has revised the outlook on Maybank’s financial strength rating from negative to stable. DRB-Hicom Bhd is pitching for CKD operations with General Motors while AirAsia X is looking to fly to France next year. Tycoons Tan Sri Quek Leng Chan and Tan Sri Chua Ma Yu have agreed to invest US$80m and US$70m respectively in Wynn Macau Ltd’s IPO on the Hong Kong Stock Exchange. Penang Port’s listing is again on the cards while Jobstreet raised its stake in a Taiwanese online recruitment company. Finally, US stocks as well as crude oil price ended lower, with oil price dropping US$3.08 to US$65.89. US stocks lost ground as an existing home sales report showed a surprise slide and on concern that the G20 summit in the US may signal a gradual reduction in liberal financial policies.