Wednesday, October 24, 2007

If not down, its up

KLCI ends +0.2% at 1359.83 in heavy volume of 1.59 billion shares, retreating from intraday high of 1369.44 as profit taking erodes early gains. At close, market breadth negative with decliners topping gainers 454 to 389. Dealers say market likely to continue consolidating within 1350-1370 range tomorrow. Investors will continue to look to Wall Street for direction but selling into strength may cap gains at around 1370.

Major News:
The Store Corp Denies Pacific Hypermarket Sale Talks Report
Salcon May Rise To MYR1.15 Ahead Of Insur Co. Buy
Putera Capital +20.1% On WCE Contract Hopes
Voir +2.1%; Profit-Taking Crimps Listing Premium
AirAsia Exec: Unaware Vietnam Govt Rejected License For Unit
Vietnam Media Reports Suggest Govt Rejected AirAsia License
OSK Keeps Buy On Alam Maritim; Targets MYR2.70
Hwang DBS Keeps Buy On Sunrise; Tgt MYR4.90
MIMB Ups Eonmetall Target To MYR1.30; Rated Buy
MIER Expects Dlr At MYR3.35 End-2007, MYR3.00 End-08
Ctrl Bk Unlikely To Up Rates In 2008 If CPI Under 3%
MIER Cuts 2008 GDP Growth Forecast To 5.4% Vs 5.8%


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