FBM KLCI At Year's High

FBM KLCI ended yesterday at the year's high of 1,230.09, or 11.48 pts higher, spurred by a late buying spree in most heavyweights. Today’s key news highlights are Proton in talks with India's Hero Group to build small passenger cars for the Indian market, Port of Tanjung Pelepas eyes up to RM2bn sukuk, Genting to raise RM1.6bn via MTN, TM wins a RM170m contract, Petronas unit teams up with Gazprom to explore opportunities in on LNG terminal business, Naza to assemble another Peugeot model locally, Ogawa appointed as sole distributor for V-Patch analyser and Top Glove’s 4Q09 net profit more than doubles to RM56.8m. Overnight, the DJIA gained 61.29 pts to 9,786.87 as Alcoa Inc. started the earnings season with an unexpected profit and jobless claims decreased more than forecast. We believe this may lead spur sentiment on the local bourse today. The market’s immediate resistance lies at 1,231.5 pts, followed by the 1,242 pt- level.