Daily Commentaries 22nd October 2009

The FBM KLCI retreated by 5.7 points yesterday as profit-taking set in for regional bourses following the Dow’s overnight loss. Losers beat gainers by 519 to 214 with volume standing at 926m shares. The corporate news include Sunway Holdings entering into a JV with LCL Corp for potential interior fit-out jobs in Abu Dhabi, Genting Malaysia completes the subscription of Wynn Resorts’ First Mortgage Notes for US$15m, CIMB disposes of Sathorn Building for about RM100m, and Pelikan to raise RM189m via a 1-for-2 rights issue. Crude oil rose to US$81 per barrel on further dollar weakness, with the dollar index falling to 75.3 points, its lowest since August last year. The Dow again fell below the 10,000-point level, dragged down by financial stocks. This should result in further weakness in Asian bourses today.