October 2, 2009

Daily Commentaries 1st October 2009

The FBM KLCI lost 6.13 pts to 1,202.08 on profit taking in both heavyweights and lower liners. Losers led gainers by 466 to 197 while 213 counters were unchanged and 382 untraded. Today’s key highlights include Malaysia and Saudi Arabia forming a US$2.5bn JV to spearhead the flow of FDI from the Middle East, Exxon sells stakes in O&G block to Petronas, Iskandar Investment to award RM2bn worth of projects in the next 12 months, Dubai Investment Group tipped to sell Bank Islam stake, SapuraCrest and Acergy win a US$100m Aussie deal and Lion Corporation’s subsidiary sells Lion Industries stake to Tan Sri William Cheng. Overnight, the DJIA dropped 29.92 pts as an unexpected drop in business activity spurred concern the economy is struggling to recover, which leads us to believe it would be another lacklustre trading day for the local bourse. The Immediate resistance and support for FBM KLCI are at 1,196.5 to 1,200 and 1,231.5 respectively.


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