Thursday, June 14, 2007

Keep Watching Wall Street

As at 10.27pm (Malaysia), the Standard & Poor's 500 Index added 4.46, or 0.3 percent, to 1520.13 at 9:47 a.m. in New York. The Dow Jones Industrial Average increased 39.84, or 0.3 percent, to 13,522.19. The Nasdaq Composite Index advanced 9.88, or 0.4 percent, to 2592.19.

If DJIA could close on positive note, its can provide sufficient momentum in Bursa morning trade to drive a broad range of stocks higher. Malaysia shares expected to continue trading within 1350-1370 range tomorrow but investors may unwind positions ahead of the weekend.

As for today KLCI added +0.3% to close at 1357.18, from intraday high of 1362.25 in heavier-than- usual volume, triggered by strong gains on Wall Street overnight. Market breadth stayed positive; gainers led decliners 449 to 387 but profit-taking into strength very evident as stocks finished off highs. The oil and gas sector was the biggest beneficiary today while some bargain hunting in heavyweights kept the KLCI in positive territory. The benchmark index continued to be stuck in a very tight-range. There has been very little foreign participation recently. Utilities, property and oil & gas stocks feature prominently in today's most active list but intermittent profit-taking is also evident. The market is likely to stay in positive territory with rotational interest in oversold blue chips helping to keep the benchmark in positive territory.


Ayams' Talk:
  • Megan Down On Loan Default; 12 Sen Floor
  • Buy Bonia For MYR1.50 M/T Target - TA Sec
  • Kossan; CIMB Ups Target To MYR7.25
  • CIMB Ups UMW Target To MYR12.30
  • Cheetah A Strong Buy Based On Charts - MIMB
  • Tradewinds Corp; MYR3.06/Shr RNAV -Dealer
  • MOL AccessPortal Up On Tan's 58 Sen/Shr Offer
  • Mah Sing Up On Land Buy, Aseam May Up Target

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