U.S. and European Market Roundup
- The DJIA up 95.81 points to 8,125.43 points.
- U.S stocks surged on Thursday as expectations of reassuring results from bellwethers, including Google lifted technology shares, while JPMorgan's better-than-expected profit added to bank stabilization hopes.
- European shares hit a two-month high on Thursday as better-than-expected results from JPMorgan and soothing comments from the top cellphone maker Nokia calmed jittery investors.
Macro and Corporate News
- Nestle (M) has allocated RM320 mln as capex for this year with the focus on upgrades to its coffee and non-dairy creamer factories.
- Cahya Mata Sarawak’s (CMS) unit, CMS Land Sdn Bhd has secured RM232 mln worth of construction contracts from Sarawak Energy Bhd (SEB) to develop and construct the latter’s proposed headquarters building at Isthmus in Kuching.
- Astro All Asia Networks plc says it has no plans to cut its workforce by a fifth, quashing market rumours about such a move.
Market finally corrected after few days of bull run with FKLI traded higher in the morning session but turn to red due to profit taking. FKLI closed 6.5 points lower @ 952.Bollinger band width remain in expanding mode with candle above middle BB band. This indicate potential continous bullrun with cautious as FKLI currently in overbought states indicated by RSI.
Resistance @ 971.5 while support @ 908.
HAPPY TRADING!!
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