Local Market Leads:
♦ The FBM KLCI extended its recovery leg for a third day on Thursday, as hopes for a Selangor water industry consolidation and Bank Negara’s GDP growth forecast increase outweighed the weakness in the overnight US markets.
♦ Water-related stocks, led by Puncak (+26sen) and KPS (+12sen) rallied after Gamuda’s 40% unit, SPLASH offered RM10.75 bn to the federal and Selangor state governments to buy the state's water concessions.
♦ Meanwhile, investors welcomed the Central Bank’s upgrade on the 2010 GDP growth forecast. Bank Negara in its BNM Annual Report said the country’s economy is expected to expand 4.5% to 5.5% this year.
♦ As a result, the FBM KLCI went up by 3.03 pts or 0.23% to 1,312.48, even though most regional markets finished lower amid a downgrade on Portugal’s credit rating by Fitch Ratings.
♦ Daily turnover increased from 1.14bn shares to 1.24bn shares yesterday. Market breadth stayed positive, as 461 counters up outpacing 303 counters down.
Market Technical Reading : The 10-day SMA And 1,300 Supports Remains Strong...-26/03/2010
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