The FBM KLCI lost 2 points to 1265 points yesterday, weighed
down by Hong Leong Bank, AMMB, CIMB, MISC and Genting. Regional bourses were
weaker, with the Hang Seng Index falling by 1.8% while European bourses lost 2%-3%
on concerns over the sovereign debt of a few EU nations. The Dow suffered a 268-
point decline and is now at the 10,000-point mark. Today’s news headlines: Kwantas
buys 1,360 hectares of oil palm estate in Sabah for RM83.8m, KNM’s MD in
collaboration with 2 other parties offers to buy up the entire business and undertakings
of the company at RM0.90 per share, MISC forms a JV company with Al-Hilal Shipping
Agency to act as its exclusive shipping agent in the UAE, Zecon enters a JV to
undertake oil & gas services and supplies business, while Mudajaya wins a RM241.3m
job to design and construct Boulevard Plaza in Putrajaya. We expect the FBM KLCI to
retest the critical support at 1256 pts
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