Monday, September 24, 2007

Follow Through Buying Expected

KLCI ends +0.9% at 1317.24 in heavy volume despite initial jitters, buoyed by hefty gains in handful of heavyweight. Market breadth turned positive in afternoon trade; gainers outpaced decliners 515 to 314. Index tipped in 1315-1330 range tomorrow in follow through trade. It was a jittery start with profit-taking weighing on the market in early trade but this was soon overshadowed by firmer plantation stocks and a hefty rise in heavyweights such as Bursa Malaysia and Tenaga Nasional. The heavy volume traded suggests follow through buying may lift the KLCI higher to around 1330 tomorrow. Bursa ended +10.9% at MYR11.20 on M&A speculation, Tenaga +4.8% at MYR9.85 on bargain hunting while plantations Sime Darby +2.5% at MYR10.20 and KL Kepong +1.6% at MYR13.10 on bullish outlook for CPO Prices. Profit-taking weighed on Golden Plus down 24.5% at MYR1.63.


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