Tuesday, October 30, 2007

Extended Gain

KLCI ends +0.1% at new record close of 1412.79 in heavy volume of 1.8 billion shares but off intraday high of 1416.97 as mild profit-taking narrowed gains. Market breadth negative at close with decliners leading gainers 573 to 324. Market likely to extend gains tomorrow, possibly retest all time high of 1416.97. Benchmark tipped to trade in 1400-1420 range tomorrow. "he launch of the East Coast Economic Region development program may drive investors to start value hunting some construction and building materials related stocks and some oil and gas concerns in coming weeks. Rising crude oil prices have also boosted interest in crude palm oil related stocks which has also helped to buoy the market.


Due to rebound, well supported at 2.65


No comments: