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Monday, April 5, 2010

KLCI to rise, HL Bank, EON


DJ MARKET TALK:KLCI To Rise For 10th Day;1340-1344 Eyed Near Term

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0042 GMT [Dow Jones] KLCI may rise to 1340-1344 range on follow-through buying interest on blue chips after benchmark index broke above the 1334 key resistance Friday; "The breach of 1334 on Friday is a boost to market sentiment. However, as the market has ended higher for 9 days in a row, profit-taking will set in at the higher levels to limit the magnitude of the rise," dealer says. KLCI ended +0.5% at 25-month high of 1334.95 Friday. TA Research tips KLCI's uptrend to be largely sustained over the course of the week. "The bullish breakout above the 1334 peak...will fuel upside towards the next target at 1354," house says.

DJ MARKET TALK: HL Bank May Rise; EON Capital Board Favors Buyout
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0007 GMT [Dow Jones] Hong Leong Bank (5819.KU) may rise to test MYR8.80 (March 16 high) vs ending Friday at MYR8.70 (+0.3%) says dealer, following EON Capital's (5266.KU) decision late Friday to put before shareholders HL Bank's MYR5.06 billion offer for EON Capital's assets, liabilities. "The board of directors is of the view that the offer is credible as a whole and should therefore be presented to EON Capital's shareholders for their decision," EONCap says. Dealer says there are not likely to be any further obstacles; "the chances of this buyout succeeding are high as it only requires a simple majority... and there are already enough votes from the major shareholders in favor of the deal." Adds, deal likely good for HL Bank as MYR7.30/share offer prices EONCap at 1.42X FY09 P/BV, at low end of valuations for mid-cap banks of 1.4X-1.6X. "The merger synergies will also provide further boost," dealer says, adding merged entity will be country's fourth largest lender by assets.

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