Daily Commentaries 12th October 2009

The FBM KLCI ended higher by 3.73 points to close at 1,233.82 amid bullish sentiment following Wall Street’s performance. DRB-Hicom Bhd is bidding for a 32% stake in Proton Holdings Bhd and Supermax will raise the selling prices of its gloves starting from the December shipment. Naza is looking to produce Peugeot cars for markets beyond Asean while Lembaga Tabung Haji has subscribed for a total of RM216m in Islamic preference shares offered by Bank Islam Malaysia Bhd and left unsubscribed by Dubai Financial Group LLC. Elsewhere, three local Islamic banks are preparing to set up their operations in Bosnia by year-end while Malaysian contractors have secured a total of 16 projects worth RM3.7bn YTD. Finally, both US stocks and crude oil price ended higher, with oil price marginally higher by US$0.08 to US$71.77.