Top Glove To Sustain Buying Interest

The FBM KLCI dipped 3.72 points to close at 1,212.7 as a correction in KLK’s share price following previous day’s trading error dragged the plantation index down. Expectation of a strong set of results from Top Glove continued to sustain buying interest on rubber glove stocks. Today’s headlines include conflicting news reports on the winner of the bid for the exclusive rights to broadcast the English Premier League in Malaysia, with The Star reporting that Astro is believed to have won the bid for RM800m while the Edge Financial Daily said ESPN is instead believed to have won the broadcasting rights, Khazanah has invested RM516m for a 25% stake in a new Dubai-based investment firm, KWAP has emerged as a substantial shareholder of WCT with a 5.11% stake, and Malaysia Retail Association has forecast a 1-3% growth for Malaysia’s retail industry for 2009. We expect the market to remain firm, with key support at the 1200 level as the Dow ended higher overnight on optimism of a sustainable economic recovery.