Buy on Dip - Don't Chase

On weekly basis, Malaysia shares expected to extend gains next week, possibly test all-time high of 1391.57 after ending +0.4% at 1382.36 in moderate volume; market breadth remained positive with gainers beating decliners 549 to 305. Both local and foreign funds were accumulating a range of blue chips and index-linked heavyweights. The ringgit's strength against the U.S. Dollar was a major contributor in attracting foreign fund. Speculation of FX trade liberalization cited as core reason for ringgit's strength; USD/MYR at 3.4140 late vs. 3.4520 late Thursday. However, going forward we are still lack of major catalysts. We're still in a consolidation mode right now pending the August earnings reporting season. The market's upside trend for the next 12 months remains intact.

TOMYAM SHOOPPINGG LIST

AYAM TALKs:

• Oilcorp's Right Triangle Breakout Tgts MYR2.06 - Dowjones Newswires
• Buy Xian Leng Based On Charts, MYR1 Tgt -TA Sec
• Sell GPA Based On Charts Prior To Correction -TA Sec
• S&P Keeps Tanjong As Buy, MYR21 Target
• Sell AKN Mtech On Rally Based On Charts -TA
• MIMB Rates Media Prima A Buy, MYR3.50 Target
• S&P Ups Bursa To Buy From Hold, MYR14 Target