KLCI ends +1.2% at 1180.31 in low volume of 1.1 billion shares, supported by mild bargain hunting by local funds. Benchmark tipped to trade within 1170 to 1190 Friday with downside bias as investors take profit into any rallies ahead of the weekend. Local funds are likely to continue bargain hunting construction, plantation and government-linked companies to take advantage of the recent selldown. Some foreign funds nibbled at Genting, Zelan Holdings, Bursa Malaysia and Tenaga Nasional and this may continue tomorrow if the U.S. market holds up. YTL E-Solutions most active; +6.3% at 93 sen on speculation it may win bid for one of four Wimax licenses to be awarded tomorrow.
Short-term investors will be looking to Wall Street's performance tonight before making any further investments. At this stage investors are just looking at stop-loss strategies following the recent market turbulence.
TOMYAM MONITORING LIST
Chap Ayam Market Talk:
- Bolton CEO Azman Yahya Raises Stake
- Nextnation Down: Calls For Remedial Period
- OSK Keeps MAS At Buy, Ups Tgt To MYR7.70
- MIMB Has Sell On Tenaga Based On Charts
- OSK Keeps TGOff At Buy, Ups Tgt To MYR4.20
- MBf Up On Plan To Sell QBE Stake To OSK
- Hwang-DBS Ups Telekom Malaysia Target To MYR10.70 Vs MYR9.50