Daily Commentaries 15th October 2009

The FBM KLCI took out its Monday high of 1238 pts to hit another record high for the year at 1246.8. The 13-point gain was primarily driven by banking stocks such as Maybank, CIMB, Public Bank, RHB Cap and Hong Leong Bank. Turnover was a respectable 1.26bn, with gainers beating losers by about 3 to 1. Meanwhile, crude oil hit US$75 on further dollar weakness. In the news are the Japanese central bank, which kept its interest rate unchanged, Magna Prima buying 2.43 ha of leasehold land in Selayang land for RM16.5m, Sime Darby to issue RM4.5bn of Islamic bonds, Litrak saying it is open to a takeover proposal, and TRC Synergy wins an Aussie job worth RM12.9m. With the Dow closing 144 points higher and breaching the 10,000-pt mark for the first time this year, the local market should open strongly today but could well see profit-taking setting in later in the day.