Monday 30 March 2009.

DAILY MARKET REPORT.

Friday Markets Closing Prices.


KLCI 885.43 down 0.04.
DJIA 7,776.18 down 148.38 or 1.87%.
Crude Oil US$52.31.
June FCPO RM2,032.
Ringgit 3.60.


LOCAL NEWS.

PM Abdullah Badawi will step down on April 2, 2009 ?

Najib Razak said 2010 budget probably will be around RM200 billion.

Analysis - Government should unveil the 2010 budget earlier than the usual date in September to show the urgency in tackling the crisis.

More than 26,000 workers retrenched as of 19 March 2009.

CIMB Banking Group, has 19 mandates from clients in Asia, including the Middle East, to raise nearly US$25 billion from Islamic Capital markets.

Stock Recommendation on BCHB Bhd at RM7.05 - Take Profit and Buy back at the lower end of the trading range. Last 3 months trading range between RM6.oo to RM7.o5. Fair value at 1X NTA is RM3.30.


WORLD NEWS.

G20 leaders meet in London this week and China want a bigger role.

G20 targets hedge funds, derivatives as leaders agree on more regulations.

US officials are backing off their once lofty goals for the G20 summit this week, playing down fiscal stimulus targets and instead focusing on new rules for tax havens and international coordination for financial regulation.

The US Treasury estimates that it has about US$134.5 billion left in its financial rescue fund.

China's ambassador to the UK said Beijing isn't calling for a new global reserve currency to replace the dollar.

Japanese factory production falls for a fifth month as recession deepens.


Stock Market Outlook.

TAKE PROFIT on rally as the recent 20% US market led recovery based on fundamentals may not be sustainable as the U.S bank toxic assets plans might not work and the US just delaying the inevitable of more equity capital injection for the banks and the world economic condition still spiralling downward.

SUPPORT level on the CI 880, 860, 830 and 801, 770.

RESISTENCE level on the CI at 890, 900, 910, 920 and 936.


For further inquiries please call:-
Kamel Bin Mohd Yusoh.
Institutional Dealer.
Kenanga Investment Bank Bhd.
March 30, 2009.