Wednesday, May 07, 2008

lack of positive catalysts

KLCI shares end +0.9% at 1287.15 in moderate volume but off intraday high of 1289.31 as profit-taking narrows gains in plantations, oil & gas stocks and select blue chips. Decliners outpaced gainers at 397 to 310 while market lacked depth with almost 50% of available shares untraded. The benchmark drifted in 1280 to 1290 range with intermittent profit-taking capping gains. The lack of positive domestic catalysts capped the benchmark's rise, retail players largely adopted sell into strength strategy. KLCI tipped to trade in tight 1280-1290 range Thursday with interest possibly focused on similar theme plays such as oil & gas and plantation stocks.

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