Green Packet To Expand WiMax To East Malaysia

The FBM KLCI closed 0.18 points higher, spurred by late bargain hunting on selected heavyweights. Today’s headlines are Media Prima is in the final stages of disposing of its loss-making TV operations in the Philippines, Berjaya Corporation to inject Cosway Holdings into its 49%-owned Berjaya Holdings (HK) Ltd for RM900m, and Green Packet Bhd has obtained approval to expand its WiMax services to East Malaysia. Overnight, the DJIA lost 14.7 pts to 9,871.1 as banking shares fell, led by Goldman Sachs, as the market may have partially priced in the strong upcoming results, leading to some profit taking. We expect the market to remain range-bound today, with key support at the 1200 pt-level.