MALAYSIAN shares are set to rise today following sharp gains on Wall Street and after China slashed interest rates to stimulate the world’s fourth largest economy. “I think the market should move upward today, we are looking at the 885 points level as the immediate resistance for the main index,” said a technical analyst from a leading Malaysian brokerage. “We expect plantation stocks to gain also after a sharp rebound in crude oil prices,” he added. China’s Wednesday cut in banks’ benchmark lending and deposit rates by 108 basis points came a day after the World Bank said Chinese growth next year would be around 7.5 per cent, the slowest rate since 1990.
Elsewhere, hopes of a General Motors bailout sent US stocks up by more than 2 per cent in trading yesterday. The Dow Jones industrial average jumped 2.91 per cent to 8,726.61 while the Standard & Poor’s 500 Index gained 3.53 per cent to 887.68. Malaysia’s main share index closed 0.44 per cent lower yesterday at 856.37 points.
Malaysia’s main share index closed 0.44 per cent lower yesterday at 856.37 points. Among the stocks to watch, Telekom Malaysia may extend gain after TM International said it has secured a RM2 billion (US$552.5 million) 3-year term loan to repay part of the RM4 billion it owe to Telekom. Investors have been hoping that Telekom will pay out special dividends with the repayments from TM International
Elsewhere, hopes of a General Motors bailout sent US stocks up by more than 2 per cent in trading yesterday. The Dow Jones industrial average jumped 2.91 per cent to 8,726.61 while the Standard & Poor’s 500 Index gained 3.53 per cent to 887.68. Malaysia’s main share index closed 0.44 per cent lower yesterday at 856.37 points.
Malaysia’s main share index closed 0.44 per cent lower yesterday at 856.37 points. Among the stocks to watch, Telekom Malaysia may extend gain after TM International said it has secured a RM2 billion (US$552.5 million) 3-year term loan to repay part of the RM4 billion it owe to Telekom. Investors have been hoping that Telekom will pay out special dividends with the repayments from TM International
Article extracted from Business Times /reuters.
Charts - GlySinn
-------------------------------------------------------------------------
today = just 1 day, ie today only?. :)
note: daily charts has gap of 867 - 874 :)
-------------------------------------------------------------------------
today = just 1 day, ie today only?. :)
note: daily charts has gap of 867 - 874 :)
No comments:
Post a Comment