October 20, 2009

Another KLCI New High For The Year 20th October 2009

The benchmark FBM KLCI garnered strength to close above the near term resistance of 1250 pts, spurred by trading interest on second liners and expectations of better earnings performance from the US markets and improved GDP data from China for 3Q09. Among the notable domestic headlines are RHB Capital acquiring an 80% stake in Indonesia's Bank Mestika for US$329m, MAHB hopes to conclude talks for the management of airports in Middle East and Africa in 6 months and the Sarawak government offering RM2.65/share to take Sarawak Energy private. Overnight, the Dow reclaimed the 10,000 pt-level while crude oil steadied at US$79 per barrel. Investors will continue to take heed of more results due this week from the US, particularly from the retail sector to gauge the strength of the economic recovery.


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