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Tuesday, March 30, 2010

KLCI May Rise, ESSO, Genting Plantation

DJ MARKET TALK: KLCI May Rise; Banks Expected To Lead; 1334 Cap
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0046 GMT [Dow Jones] KLCI may rise, extend its winning streak to 6 sessions following gains in U.S. stocks overnight and optimism about country's economic outlook. "Market sentiment should remain buoyant today in anticipation of the announcement by the Prime Minister on the New Economic Model...for further market liberalization measures to boost foreign participation," says TA Research. Tips KLCI to test immediate resistance at 1325, with stronger resistance eyed at 1334. Banking stocks such as Maybank (1155.KU) and CIMB (1023.KU), viewed as proxy to wider economy, may lead gains. KLCI ended +0.3% at 1319.21 yesterday.

DJ MARKET TALK: Esso May Rise On Buyout Offer Speculation
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0022 GMT [Dow Jones] Esso Malaysia (3042.KU) may rise to MYR2.63 (January high) on speculation the operator of retail stations may be taken private by parent ExxonMobil [XOM]; this after Malaysian Reserve newspaper reported that ExxonMobil may offer to buyout remaining 35% of Malaysian unit it doesn't already own; no further details were provided; "There could be speculative interest in the stock, but the absence of any details on the offer price may cap gains," dealer says. Esso ended unchanged at MYR2.51 yesterday.


DJ MARKET TALK: Genting Plantations May Fall On Mall Pact Delay

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0021 GMT [Dow Jones] Genting Plantations (2291.KU) may fall to MYR6.85 support (high of March 24) after missing deadline to formalize agreement with Simon Property Group (SPG) to set up Chelsea Premium Outlets in Malaysia; Genting Plantations announced that deadline has been extended by another 3 months; company had unveiled in September 2009 proposal to set-up JV with Simon Property to develop and operate upscale outlet mall in Johor state, which would be first such outlet in Southeast Asia; dealers say delay in signing of definitive agreement may raise doubts about project. "One thing is for sure, with the extension of the deadline, the earlier stated target of having the outlet mall up and running by early 2011 looks highly unlikely to be met. This may give investors an excuse to take some profits from this stock, which rallied to a 2-year high last week," dealer says. Genting Plantations ended 0.6% lower at MYR6.96 yesterday


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