Local Market Leads:
♦ Taking cues from the largest increase in the US monthly jobs in nearly 3 years on last Friday, the local market expanded its bullish uptrend for the tenth day yesterday, on its longest winning streak in more than a decade.
♦ Apart from the encouragingly US jobs reports, local investors were encouraged by the merger & acquisition news flow as well as a further appreciation in the ringgit. The ringgit surged against the US dollar to 3.2285 from last Friday’s 3.2460, the currency’s strongest level since Jul 2008.
♦ HLBank went up 20sen after EONCap’s (+2sen) Board of Directors said it would table HL Bank’s revised cash offer of RM5.06bn to shareholders in a general meeting. Meanwhile, Pos advanced further by 15sen on Khazanah’s plan to dispose of its stake in the company.
♦ Led by gains in the banking heavyweights, like CIMB (+16sen) and PBBank (+20sen), the FBM KLCI gained another 5.81 pts or 0.43% to 1,341.75. Trading volume improved for a second day with 1.05bn shares changing hands. Market breadth remained positive, as 403 counters up outpaced 322 counters down.
Market Technical Reading : Robust Rotational Plays To Return Soon......- 06/04/2010
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