Sunday, January 06, 2008

The worst may not over just yet

Malaysia shares end +2.2% at new record closing high of 1466.67 driven by gains in plantation stocks, select government-linked companies and Telekom; market breadth positive with gainers leading decliners 642 to 206 with volume picking-up in late trade to 942.2 million shares. Strong buying momentum may lift benchmark higher Monday, possibly to around 1480; psychological support pegged at 1450. The ringgit's fall to a 10-year low of 3.2810 against the dollar was one of the key triggers for strong performance in equities. Bullish outlook for crude palm oil prices boosted plantation related stocks while Telekom's 5.2% surge to MYR12.10 added close to 5.4 points to the index' rise. But the worst may not over just yet.


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