market side way

Kuala Lumpur shares close easier on interest rate, oil price worries Share prices closed slightly weaker, with concerns over rising oil prices and US interest rates weighing down sentiment
and driving many investors to the sidelines, dealers said.
They said the market is expected to trade in a tight range for the rest
of the week.
The Kuala Lumpur Composite Index (KLCI) closed down 0.86 points or 0.09
pct at 906.90.
The Second Board index lost 0.56 points or 0.60 pct to 92.55.
Total trading volume was 449.31 mln shares valued at 668.71 mln rgt.
Losers outnumbered gainers 373 to 272, with 311 counters unchanged and 356 stocks untraded.
At the close, the ringgit was quoted at 3.6890/6940 to the dollar.
Cheah King Yoong, acting head of research at SJ Securities said that he
expects the market to continue trading sideways in the near term, with
support seen at 890 points and resistance at 912.
"The market was pretty quiet, most of the retail investors and fund
managers were staying on the sidelines, waiting for news on the US interest
rates' direction," he said.
The US FOMC is widely expected to raise the key Fed rate by a quarter of
a point this week, but dealers said the market is more concerned about hints
at further rate hikes going forward.
Among blue chips, Tenaga closed up 0.05 rgt at 9.20 on volume of 2.07 mln
shares, Telekom Malaysia was down 0.05 rgt at 8.90 on 1.18 mln shares, and
Maybank down 0.10 rgt at 10.50 on 2.15 mln shares.
Genting gained 0.50 rgt to 23.90 on 590,800 shares, British American
Tobacco added 0.50 rgt to 39.75.
Malaysian Resources Corp (MRCB) gained on speculation that the company
would announce a move to acquire UDA Holdings shares. At the close, the stock
was up 0.005 rgt at 0.765 on 12.48 mln shares.
Iris Corp was the most actively traded stock, up 0.02 rgt at 1.18 on
volume of 57.76 mln shares.
ECM Libra Avenue was down 0.21 rgt at 0.79 on 7.59 mln shares.

For tomorow, we expect the market to trade side way with KLOFF flucturated between
895 point to 9o3 point...

For CPO we continued to expect down side in near future...target point 1450 ...

Regard

Anthony Wong