Technical | Fundamental Analysis Discussion Stocks Listed In Bursa

Thursday, April 8, 2010

KLCI, Dayang, Sunway

DJ MARKET TALK: KLCI May Fall After 12-Day Rise; 1339-1354 Tipped


0021 GMT [Dow Jones] KLCI may fall, with weaker performance by U.S. stocks overnight, likely on profit-taking. "After having closed in positive territory for 12 consecutive sessions, it's hard to see the market going up any further without first taking a breather, especially given the lack of new bullish developments at the moment," dealer says; tips blue chips like Tenaga (5347.KU), which rose strongly in recent days, to succumb to profit-taking. KLCI ended +0.1% at 1345.09 yesterday. TA Research pegs immediate support at 1339, with resistance at 1354; notes that "market conditions are becoming increasingly overbought."

DJ MARKET TALK: Dayang May Rise To MYR2.18 On MYR400M Job

0002 GMT [Dow Jones] Dayang Enterprise (5141.KU) may rise to test MYR2.18 (recent high) after clinching MYR400 million, 5-year contract from Sarawak Shell Bhd; contract, which includes option for additional 1 year, is for provision of topside maintenance services; oil & gas support services provider says job expected to contribute positively to earnings for 2010-2015 period. "Dayang has been doing work for Sarawak Shell, so, this latest job award comes as no surprise. Nevertheless, it's a sizeable contract and should have a positive impact on Dayang's shares," dealer says. Analysts say latest contract boosts Dayang's orderbook by some 80% as company previously had about MYR500 million worth of jobs on hand. Dayang ends +0.5% at MYR2.10 yesterday. (

DJ MARKET TALK: Sunway City May Rise; Plans To Set Up REIT

0045 GMT [Dow Jones] Sunway City (4308.KU) may rise to test Tuesday's high of MYR3.74 after unveiling plans to set-up REIT for eight of its properties; company says it will sell three hotels, two shopping malls, two office towers and one hypermarket, to the REIT at a price to be determined later; Sunway City will receive cash or units in the REIT, or both. "Certainly, this is a good move by Sunway to unlock the value of its properties. But until the pricing details of the deal are released, the shares may have limited upside," dealer says. Sunway City ended 0.3% lower at MYR3.70 yesterday.
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