Malaysia's Footballer

Malaysia shares end down 0.9% at 1359.27 in moderate volume on sustained selling in blue chips and heavyweights, market breadth negative with decliners outpacing gainers 564 to 343 following DJIA's overnight decline. This pullback may be a healthy one, allowing investors to accumulate some quality stocks. However, the KLCI has broken its 30-day moving average (1366.79) support which it had held since mid-March. This suggests further weakness may be in store, tipping KLCI in 1350-1366 range tomorrow.

TOMYAM SHOPPING LIST

AYAMs TALK:

• Weida +6.7%; Hidden Construction Play -RHB
• CIMB Keeps Sell On Silver Bird; Targets 17 Sen
• MIMB Rates Bonia Strong Buy Based On Charts
• S&P Keeps Xian Leng At Hold, 84 Sen Target
• Buy Boon Koon For Breakout Towards MYR1.50-TA Sec
• CS Cuts Tenaga Tgt To MYR15; Keeps On Outperform
  .

KLCI May Test 1392

Malaysia shares likely to extend gains next week, possibly retest record high of 1391.57 if buying momentum from both local and foreign funds is sustained. KLCI ended +0.3% at 1373.84, rebounding off the 30-day moving average support line which it has held since late March (now at 1364.09). Market breadth remained positive with gainers leading decliners 584 to 311 despite retail investors selling into strength. Increased retail participation in lower liners and small-cap stocks also points to a bullish bias.

TOMYAM SHOPPING LIST

AYAM TALKS

• Sell Komarkcorp Based On Charts - TA
• YTL Land A Strong Buy Based On Charts -MIMB
• S&P Keeps Crescendo At Hold, MYR1.70 Target
• OSK Sees More Upside To Resorts; Tgt MYR4.20
• Citi Ups SapuraCrest Target 24% To MYR2.67
• S&P Cuts Ramunia To Hold From Strong Buy