Share prices rebounded yesterday after the Fed said that the US economy would probably ride out a housing slump and would continue to expand at a moderate pace. The Composite Index jumped 17.04 points to settle at 1307.17. Market breadth turned positive with gainers outnumbered losers by 850 to 101. However trading volume declined slightly to 1.19bn shares valued at RM1.98bn. The rebound was in line with the recovery in global equity markets. The Hang Seng and the Nikkei Indices surged 2.87% and 0.64% respectively, while the Shanghai Composite rose 0.26% to close at 4,663.16.
Among the gainers yesterday were heavyweights including Sime Darby which rebounded 60 sen to RM9.90 and Tenaga which put on 30 sen to RM10.90. Maybank and Genting also up 10 sen to RM11.90 and RM7.60 respectively. Buying interest on oil & gas stocks continued with SAAG (+40 sen to RM6.80), Petra (+25 sen to RM5.05) and Kencana (+15 sen to RM2.54) took the lead. Among the lower liners, K Perangsang staged a strong rebound of 29 sen to RM2.81, while Leader climbed 14½ sen to RM1.13.
Among the losers, Digi fell 30 sen to RM20.50 with support expected at RM20.00. Telekom eased 15 sen to RM9.95 as the stock continued to consolidate sideways within the range of RM9.70-11.00. IOI extended its losing streak, down 6 sen to RM4.92 but more bargain hunting activity is expected if the share price weakens further. KNM dropped 8 sen to RM4.64 with support now expected at RM4.50.
Source: JF Apex Securities Bhd ( 9 Aug 2007)
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