Tuesday, May 06, 2008

extend consolidation

KLCI ends +0.1% at 1276.09 in moderate volume supported by gains in government-led companies, select blue chips and high dividend yield stocks. Market breadth turned positive in late trade with gainers outpacing decliners 342 to 311. Local funds provided buying interest while retail players selectively accumulated plantations, trading & services and small-cap stocks. Benchmark index tipped to extend consolidation within 1265-1285 range tomorrow. Local funds helped to shore-up some selling pressure but intermittent profit-taking dragged the benchmark of its intraday high. The market is likely to consolidate within a tight range but oil & gas stocks, dividend plays and plantation stocks may post marginal gains.

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