Market Review
Overseas factors dominate. In line with the overnight gains on Wall Street, local stocks staged a rally yesterday, with the FBM KLCI gaining 7.68 points to 1556.19 points, led by Petronas Gas, Tenaga, Petronas Chemical, MISC and Maxis. Market sentiment was positive, with 421 gainers against 329 losers. Among, the top 20 active stocks, only 4 were losers. Today’s news headlines include Gamuda and MMC Corp incorporating a JV for the purpose of pre-qualifying and tendering of tunnelling and undergound works for the KL MRT, DKLS Industries buys several parcels of leasehold land in Ipoh measuring 155.73 acres for RM51.8m to be used for property development, while Ivory Properties confirms bid to develop a 40-hectare site in Bayan Mutiara in Penang. Overnight, the Dow sank 179 points to close below the 12,000-point level. Crude oil lost USD4 per barrel at USD95. This points to weaker opening for local stocks today, especially with the FBM KLCI trading at the 1556-point resistance. Support is seen at 1544 points.
Overseas factors dominate. In line with the overnight gains on Wall Street, local stocks staged a rally yesterday, with the FBM KLCI gaining 7.68 points to 1556.19 points, led by Petronas Gas, Tenaga, Petronas Chemical, MISC and Maxis. Market sentiment was positive, with 421 gainers against 329 losers. Among, the top 20 active stocks, only 4 were losers. Today’s news headlines include Gamuda and MMC Corp incorporating a JV for the purpose of pre-qualifying and tendering of tunnelling and undergound works for the KL MRT, DKLS Industries buys several parcels of leasehold land in Ipoh measuring 155.73 acres for RM51.8m to be used for property development, while Ivory Properties confirms bid to develop a 40-hectare site in Bayan Mutiara in Penang. Overnight, the Dow sank 179 points to close below the 12,000-point level. Crude oil lost USD4 per barrel at USD95. This points to weaker opening for local stocks today, especially with the FBM KLCI trading at the 1556-point resistance. Support is seen at 1544 points.