Tuesday, September 8, 2009

OSK Morning News

Positive start. The FBM KLCI started on a positive note, closing 11.65 points higher yesterday at 1190.39. Overall market breadth was positive despite the lower share volume, with finance, utility and gaming related counters leading gains. Genting shares continued to be actively traded, with its share price reaching a 52-week high of RM7.30. The headlines for today are: (i) Malaysia's export sales falling by a less than expected 23% y-o-y in July; (ii) the Naza Group brothers upping their offer for Jetson’s shares to RM1.00 from 75 sen/share, (iii) Idea's creditors approving the merger with Axiata's Spice; and (iv) Maxis gets a RM81m contract from Astro to upgrade its nationwide network infrastructure. Halex’s IPO was also oversubscribed by 4.1 times at the close of offer. Crude oil price traded relatively flat at US$67.

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