Daily Commentaries 2nd October 2009

The FBM KLCI closed 6.27 pts higher to 1,208.35, faring better than most regional markets. Corporate news includes the Naza shareholders not proceeding with a conditional takeover of Kumpulan Jetson as they did not secure more than 50% of Jetson shares, TM and Astro maybe slugging it out for English Premier League rights, Warisan TC in MOU to assemble and distribute Chinese trucks, UMLand and Tradewinds Johor team up to jointly develop a RM718m mixed-use development in Bandar Pulai Jaya, Johor as well as LTH to take up Bank Islam’s preference shares that were not subscribed by Dubai Financial Group. Taking the cue from DJIA’s overnight 203-pt drop to 9,509.28 on a decline in a gauge of manufacturing and an increase in jobless claims, the local bourse may come under the selling pressure today. The FBM KLCI’s immediate support lies at 1,196.5 to 1,200 pts.