“The market is going to be soft. Any rise will be marginal,” said Wong Chee Seng, head of research at Alliance Research. He further pegged support for the main index at 1,033-1,032 and resistance at 1,045.
Another research chief said investors were likely to focus on plantation stocks and shares of firms due to report quarterly earnings this month. Planters such as IOI Corp and PPB Oil Palms climbed two and five percent respectively on Tuesday. Tentatively Genting, MISC, PLUS and MAS will report their respective earning this month.
FinanceTwitter think the above statement is about right taking into consideration Bursa Malaysia (KLSE) Composite Index has been on steep uptrend within a short span of time – any consolidation is healthy for the overall market. Malaysian shares could ease on Wednesday, weighed down by further profit-taking and a spike in crude oil prices.Oil prices jumped more than 2 percent to $60 a barrel on Tuesday after bad weather disrupted loadings at Alaska’s main export terminal and analysts forecast a drawdown in U.S. fuel stocks ahead of winter. Furthermore today, Wednesday is the day where U.S will release its’ data on oil consumption. Any shortage in inventories will further escalate oil price.
U.S. stocks ended Tuesday slightly higher, as fresh record highs in shares of aircraft maker Boeing Co. (NYSE :
BA) and Web search leader Google Inc. (Nasdaq : GOOG) outweighed rising oil prices.
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November 22nd, 2006 by financetwitter
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