Daily Commentaries 29th September 2009

The FBM KLCI languished for the greater part of the day, closing just off the low of 1204.2 in mixed trading. Aside from a string of results from BLand, ECM Libra and Glomac, the news flow remains thin, save for TSR Capital bagging an RM80m contract from the Federal Government and Petra Perdana selling a vessel for US$2.65m. With the Dow snapping its 3-day losing streak, the local bourse should attempt to overcome the immediate resistance level of 1212. The important US economic data to be released over the next few days, namely the unemployment numbers and consumer confidence, will be closely watched.