Technical | Fundamental Analysis Discussion Stocks Listed In Bursa

Tuesday, April 20, 2010

Bursa, Sapura Crest

DJ MARKET TALK: Charts Tip SapuraCrest May Fall To MYR2.02-MIBB

0524 GMT [Dow Jones] STOCK CALL: Maybank Investment rates SapuraCrest Petroleum (8575.KU) at Take Profit based on charts with retracement targets of MYR2.19, then MYR2.02. Technical analyst Lee Cheng Hooi says stock of oil, gas industry support firm peaked at its Wave 5 high of MYR2.58 in December 2009 with ample overbought, bearish divergent signals. "Its bearish signals (from the negative CCI, DMI, MACD, Stochastic and Oscillator) and daily closing prices below the 19- and 50 day simple moving average line, support our view of a potential downtrend in the mid-term," says Lee. Tips support at MYR2.25, then MYR2.15. Stock last +1.8% at MYR2.32, having breached immediate resistance at MYR2.28. Next resistance eyed at MYR2.58

DJ Bursa Malaysia 1Q Net MYR28.1 Million Vs MYR15.5 Million

KUALA LUMPUR (Dow Jones)--Bursa Malaysia Bhd. (1818.KU) said Tuesday its first quarter earnings rose 81% from a year earlier due to higher equities trading activity.

The Malaysian stock and derivatives exchange operator's net profit for the three months ended March 31 rose to MYR28.1 million from MYR15.5 million.

First quarter revenue increased to MYR88.1 million from MYR64.2 million.

Bursa said equities trading revenue had doubled from a year earlier, but derivatives trading revenue fell 9% on year.

"We anticipate a better overall performance for the Group for the current financial year," the exchange said, adding that interest in the Malaysian derivatives market is expected to improve upon the migration of derivatives products and trading activity on to the CME Globex electronic trading platform in the 2nd half of 2010.

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