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| Market View | | Stock markets in the region and locally are expected to suffer heavy losses today given the heavy overnight falls on US stocks, with benchmark indices sliding to fresh five-year lows depressed by sharp losses in financials which plunged more than 11% amid fears of a deepening recession and concerns over the viability of the US auto industry. A bearish engulfing candle on the KLCI yesterday also indicate likely correction to re-test the 7 November low of 869, with a breakdown to target 864, the 50% retracement of the rally from 801 low of 28 October to the 926 high of 5 November. Better support is found at 849, the 61.8% retracement level, where more meaningful buying support should emerge. Lower liners should also correct to these retracement levels of their recent rallies before buyers return to cushion downside. | |
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| Investment News / Research | | | Review : Bursa Malaysia shares fell further on Wednesday, in line with weaker markets in the region on concerns a deepening global recession will dampen corporate profits. The KLCI lost 5.44 points, or 0.6% to close at 877.65, off an early high of 884.47 and a low of 876.94, as losers beat gainers 308 to 199 on moderate trade totalling 533.3mn shares worth RM720.5mn.
Outlook : Stock markets in the region and locally are expected to suffer heavy losses today given the heavy overnight falls on US stocks, with benchmark indices sliding to fresh five-year lows depressed by sharp losses in financials which plunged more than 11% amid fears of a deepening recession and concerns over the viability of the US auto industry. A bearish engulfing candle on the KLCI yesterday also indicate likely correction to re-test the 7 November low of 869, with a breakdown to target 864, the 50% retracement of the rally from 801 low of 28 October to the 926 high of 5 November. Better support is found at 849, the 61.8% retracement level, where more meaningful buying support should emerge. Lower liners should also correct to these retracement levels of their recent rallies before buyers return to cushion downside.As for stock picks of the day, while further fall on key construction stocks such as Gamuda and WCT is likely on keen profit-taking interest following the recent strong run-up, oversold momentum going forward will cushion downside at stronger support levels and encourage technical rebound gains. |
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| Corporate Calendar | | | FIAMMA - 3:6 R @ RM1.00 - 2-call RI of 42.9m with 4 free warrant (ExPx:RM1.00). 1st call (RM0.70).
Appl cls : 20/11/08.
LISTING ON 04/12/08. TMCLIFE - 1:1 R @ RM0.20 - RI of 185.2m shares and BI of 231.5m shares; 5 Bonus Shrs for every 4 Rights shrs subscribed.
Last day Trading of Rights:20/11/08. Appl cls : 28/11/08.
LISTING ON 15/12/08. VOIR - 1:3 Bonus Issue of 15.0m shares.
Last day to buy-cum : 21/11/08. Ex-date : 24/11/08
LISTING ON 27/11/08 LIONDIV - 4:5 @ RM1.00 - RI of RM591.9m nominal value of 5-year 4% ICULS.
Trading of Rights : 25/11-01/12/08. Appl cls : 10/12/08.
LISTING ON : 24/12/08. |
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