MN20101021

Download as pdf or txt
Download as pdf or txt
You are on page 1of 4

MORNING NOTE

For Private Circulation Only


KDN PP9488/05/2010 (023849) Thursday – 21/10/10

* ) $)( $)

• % !+ ,
! - +! !
!" # $ % • .
/0 1
!0 ,
! 2
& !' ("$ %
• $ +3 4 5 +! !

)* • 6 ++ ! )! (! & 7 &
+,
• )% !+ !,!- 0!! 3 "
- ) .
- 8 !
/ -0 -0
/- • # ,
! 9:;7
;;; 0&& <
1
• # !,
, + < +
• # " !0 ,
! 3 1
!0
• % #! " ! 0 + !+!
!" ! #
-0 - % % • $!+ !- # "<) 1
!! "
'21 % % • ;;< ! & !3 !0 # % 3 )=
)3 , % %
,' % % • % >= + !, + 9.
?' ! @;.
A/
% %
* 4 % %
0 2 % %
0 2 4 % %
) - % %
31 ' % %
) % %
- % %
, - % %
022)4 5 % %

!" ! #
3- % %
% %
% %
1 2 % %
, , % %

#$ %&'
!" #
0 4
54 1
*) 4
1 3
6 7
1# "& = > ?@ @A " & @&<( B< @&<&?@"&<8 ? ;? &@C&?8
> B; > 8&:: @>< # ; &?8 C 8 : & & ?;?D A @
#( %&'
& > ?@ C ;? 4& & ?;D# > # ) B *? ; ; ;? & # @;?D
!" #
:& ?% &@;?D ;? & ;@ B&< >&?@ A # :& ? B = / ?8 % ?; #
0 2 4
"&= " ? B # &@B&< 8# & > &=;?D # >& ;
4 2-0
8 ?C;?8;?D<%B "&;? 8& ; ? # "& = @; 8 ; ? 4; # ? ? B A #
2-
A&8 C; ;> C # # ;E ?% # "& = "&< ?@ ;@ B&< B; #;?& >&?@
123 / 4
/

)* #
& 8#9:" 8 ;; 8 " "<
MORNING NOTE

MARKET COMMENTARY

4 8= &@C&?8 @%B; # > ?8#"& = ;?@ F & <;?D # " ;? B B = % ?


#;D# #&? ;"& @ & ;?D &?@ 5&# G ?8 &?@ : 8 & ; ? #
@ & ' C B; ;?H8 " " ? < ;? # 8 ? "< ;?D 8 ;"> @ I
&A & &; ;?D ; A < & & ?;?D : H8 ; ? 5&# G I &A #; @
J& : A ; > & &?& < ( ;"& : 8 '&? :: + 0 @ ?8
&@@ @ I% &@;?D & " & A &B "& ;& : @ 8 # >;DD D&;?
&" ?D ;?@ ; ;? # +, ?@ F 1# +, I % %
"&;?&;?;?D D&;? &A # @ &;@ ;? ; ;D = > ;? C < #& 3
8 ? ";8 D B # # B @ ; ;D? A&88 & ; ? & " ? #%A ;?D : 8 & ; ?;
B; > : 8#& AD C ?" ? @ > 1# )* ;?8 & @ : ;? %
I% %

& #& : ;8 ? & & &< ;& ?@ @ A A #; B < @&<%B; # > <;?D ;?
0 ? ;?D% ; ;& &?@ );0; # :;?D ;A # "& = &";@ > & ; # ? ;" ? &?@
@ 8 ;? &8 ;&?> # 8 %# B& & ; >< : ;?
& % " ?D # F ?& A &8 #& ;":&8 @ # "& = B& # A & ;?
= < ;?@;8 ;? # 3 #& "& = %B#;8# @ :: @ >< " #&? I C ?;D#%
A
A ;?D # B ;?D ; ? @ : ;? B " ?# %& :: A 8& & : A ;
#& "; @ ;"& &?@ 8 ?8 ? " D @ C 3 # ;?D A 8
) 8 ;? ? "> @ &@C&?8 >< % B#; 8 ? B
?8#&?D @% ? &@ @&?@ # : ?@ @

B+ 8= A %@ &DD;?D @ B? # -;== ; >< # " ;? & B =%&A #;?&


? F: 8 @< &; @ ;? & 8 > ;?A& ; ? ;? # B @( A & D B;?D
"&H 8 ? "< 1 < & :% # B @( & D 8& "&= % ;@ I
&? 8 @%& "&= A;?@ ;& > %A I ; ; + %& &@;?D 8 ":&?<
#& 8 ? 8 "" @; ; & ; >;DD 8 A: A ; % &?= I &?@ ?: F
:%* &:&?( & D ; &?@D& F: %@ :: @ I &A ; &?@" & : ;8
"> @ 1# -;== ; A I % % # >;DD @ : ;?8 28 &?@
# & D ":&" ?D"&H J ; <;?@ F ;? # ;& ,&8;A;8 D; ? 1# 1 :;F
I % B; # " #&? ;F ;" & "&?< #& @ 8 ;?;?D &
&@C&?8;?D

)! ! 8= A &A #;?& ? F: 8 @<;?8 & @; ?@;?D&?@@ : ; & % &; ;?D


8 ?8 ? & B@ B? ;? # B @( A & D B;?D "&H 8 ? "< "&< @ &; #
D >& 8 C < 0 &?DE# '+ , : ; % # >;DD & & 8 ":&?<;?
# # ? #;? 8; < A0 &?DE# % ": @ I #;?& ' 8 &?@
@%& & 8 ? @ @ C : % "> @ I , #;?& % # 8 ? <(
>;DD ; 8 ":&?<%A I &A 8 @ : ;8 ;@ ? 8 ?8 ? @ "&?@ A "
#;?&% # B @( >;DD ? D< ;?D 8 ? <%"&< B 1# /&?D ?D ?@ F
@ 8 ;? @ I % %B; # " #&? ?;? 8= @ 8 ;?;?D A C < B
#& &@C&?8 @ ? # " "> D& D 1# /&?D ?D #;?& ? : ; ?@ F
;@ I %

?8#"& = 8= ;?@ F & ;F " ?# #;D# ? : 8 & ; ? # ?& ; ?( A ;


;? & ;?8 & ;?8 B; # : &" ;?A& ; ?&?@8 ? &;?& > >>
#;?& ;A ? &?8 &?@ ,;?D ? ? &?8 !0 :$ " #&? I
&A ;& 8 ;; &;@ ;? B; : A " ;? & ; ;?D &
?C; ?" ? ;J "&= B ;8# B &; &?@ 1 ;?D& B < @
D&;? &" ?D 8 ? " 8= #& & @ : ?@ ? ? # 8 ? "< #;?&
&?= &?@ , < ' & & 0 : ": @ & & I & #;D#
> B;?D 8 "&< @ @ "&?@ A # ;?D 1# #&?D#&; ": ; ?@ F
D&;? @ % % # #;D# ;?8 :; #;?&( ?@ F &@@ @
I % % @><8 ? " &?@ ? D< 8=

+! 1# 1 A I% : ;? % % ; " B; # ;D?;A
;8&? > ;?
F: ;? #;?& 8&" ?@ ;?D : &A &? ;?8 & ;? #;?&K & %
B; # ;?D&: K #; @ & D : : < @ C : % :: &?@ A & ;?D I ?
8 ?8 ? # & ;?8 & 8 @ #; @ "&?@ A #;? : : ; " ?D > ;D#
: % ;?D&: &? 8 ?&;? #;::;?DA ; " - : ? 2 ; ? ;? I &A ;
: @ ?D #&? F: 8 @ #; @J & ? : A ;
2
MORNING NOTE

ECONOMIC & CORPORATE NEWS

% !+ H&<& : #@ ! :$ #& > &;? @ & ;8 ?8 "&? A&8 :& ?D &?@


,
! - 8 "" 8;& C #;8 & &A&8 < > > ; ;? &?D %> # ;D# @ ? 8 C
+! ! "& 8& #& # @;C ;A ; @ D : ; " ;? @ ;? 1# ;?; < A
? ?& ; ?& 1 &@ &?@ ?@ <K ;8 ?8 ; A # : @ 8 ; ? A 8 "" 8;&
C #;8 %#<> ;@ 8& % 8 ;8 8& &?@ F <:& ?D C #;8 :B&? @
:& ? #;?&K 5) @C : ; 8& A # @" ;8 &?@ &?
"& = & & ?BA &8 < ? #& ;? =; 1&D& , &? & "> 5) C #;8
#&@? > ? # C @ !

.
/0 1
!0 ,
! 2 4 1 #@ #& 8 @ B ?= < : H8 ;? ) #&%.& & %&?@ &>&#%B # &
8 ">;? @ ' > 1# ' > ) #& : H8 ; A # 8 ? 8 ; ?%8 ": ; ?
&?@ "&;? ?&?8 A& D C ?" ? &@";?; & ;C > ; @;?D 1# H> ; 8# @ @
> 8 ": @ >< : ; 1# ' " : H8 ;? &>&# ; @ ;D?%> ; @%
J ;:% 8 ""; ; ? &?@ "&;?&;? # 1 & &? / :; & 4 = ? # # :; & ;
F: 8 @ > 8 ": @ ? &< %; &@@ @ !

$ + 0 ? ;?D & &< ;& #@ ; &";?D : B; # ; &;?K : ' + ; @


3 4 5 +! ! >;@ A & 8& ;? ;8 ?8 A " # ?@ ? D# A- B#&" ;? # 3 0 ?;?DK
;?@; 8 B# < B? @ > ;@;& <%0 ?;?D >;8 / @;?D @%#& ;D? @ & @ &
B; # : : & H;? C ? 8 ":&?<% C8 @ C8 % > ?&" @
: 0 ? ;?D ?@ ? @%B; > &;? & ?D " & > < #& ;? #
) 8=&?@ & & ;? - B#&" @ C : &?@ : & & ; ? &;?" ?
@ ;?& ; ? B; & @ C : # 2 <":;8 ;C& ; &D &?@ & % >
& :& A # @ C :" ? &8# A # :& ; ;A : B;? # 8& ;?
;8 ?8 &?@ &? A ; 0 ?8& 4 = ? # @ C :" ?%B#;8#B; ;?8 : &
& 8& ;? & :& A&? ?#&?8 @ ; &?@ ? &;?" ? A &8; ; <%; F: 8 @
& >< # #; @ J & A 1# 8& ;? ; 8# @ @ : ? ;?
!
6
++ ! )! #&E&?&# -& ; ?& #@ #&@ &:: &8# @ / ?D ?D &?= #@ ? : ? ;& <
(! & 7 & ;?D; &= ;? 2- &:; & #@! 2- &:$ & & <& # A ; #& A A& < &
1#; B& &" ?D " A # #;?D #& ';? ; ;%& > &? ;& #& # @ &?@
@; 8 A 2- &:% C & @ B# ? # = # &?@ ;? # /;D# < @&<
';?%B#; > ;?D 8 F&";? @ >< , ;" K8 ? '&?H; ;?D#%&D @ &
DD ; ? #& #; &@C; % ?&?D& ?C " ? &?= 8#; A)& = 1 ?D= 7&A
E;E%#&@ &:: &8# @ / ?D ?D B& @ # ?@ A # A ; J& A
;A # >&?= ";D# > ;? @ ;? #; 2- &: #& ';? &;@ # ;? 8 @
1 ?D= 7&A &:: &8# / ?D ?D & # >&?= #&@ & A & >&8= &
AA @ #;" ' & #& A #; # @;?D ;? 2- &:%B#;8# # #&@ @ 8 ;? @& #
;" / &;@ 1 ?D= 7&A %? B 8#; A A &<>&?= ?C " ? &?=%@;@ &?@
& : @ #;" #& / ?D ?DB& ;? @ &?@ #& #&E&?&# B& &
=;?D ; #& !

)% !+ !, '/ &:; & #@ F: 8 # &8J ; ; ; ? A,1 &?= ;=& )#& "& >
!- 0!! 3 8 ? ;> ; ? A " C & &> I%A " I 8 ?< :&? > <&?
" 8 ! : 8 ? &= ;? # ?@ ? ;&? ?@ A ' >%A; &?? ?8 @;?28 >
& < & %B #&C > ? 8 ": @ ;? # 8 ?@ J & %> ?8 ? @
@ &< & & AJ ; A " # ?@ ? ;&? 8 ? & >&?= 1# & "
J; " ? A " D & &?@ '/ &:; & # : # : 8#& A
&?= ;=& >< # & J & A #; < & !

# ,
! 9:;7
;;; ,&8= 2? - B = ! & &< ;&$ @? #@ !, $% & A # D ? & ; ? ! 0$
0&& < > &@>&?@ C;8 : C;@ % F: 8 @ > ; > 8 ;> >& % ><
# < & ?@ A " &> % & < & , #& & D @' " 8&:; &
F: ?@; #; < & %;?8 @;?D ? F:&? ; ?;? & &88&% # ?< & B# ; ;
? 8 ? < : & ;?D , B& ? &8= &8#; C;?D ; ;?; ;& & D A8 C ;?D
I A, ?;? & & &< ;&K : : & ; ? >< #; < & &?@ I A # 8 ? <K
: : & ; ? ;? 1 &8#; C # & D & %, B; ? @ & & ;?C " ? A
' > !

3
MORNING NOTE

# !,
, ,& @ 8 / @;?D #@ #& 8& @ A
A; 8 &> & ; ? B; # , ">&?D ?&? = /;H &
+ < + / @;?D @? #@ &?@ " 8# )<D ?;8 1 8#? D< ! $ @? #@ > ; @ & #& &
D & ;? :&? ;? ,&#&?D 1# 8 ":&?; #&@ ;D? @ & :&8 ?@ &= #
: H8 ?* ? #; < & !

# " !0 , ?8&=-;&D& / @;?D #@#& ;D? @ B :& & H;? C ? &D " ? B; #
,! 3 1!0 ?@;& >& @,+ ? 8 ; ? !,$ @ >;@A B& : H8 ;? ?@;& 1# :&8
?&> # 8 ":&?; 8 &> & &?@ 8 : & & " "> A &?
?;?8 : & @ H;? C ? ?& L >& ; ;? A
&C A, ?8&= !

% #! " ! ;? , / @;?D #@#& > ?& = @ >"; & @ &; @: : & @ C :%


0 + !+! "&;?&;?%"&?&D &?@ : & # : : @ &"& &H , >< # & &B&= &
D C ?" ? ;? , 8 ;C @ & A;? ? ? # >"; ; ? A " #
& D C ?" ? 8 ? < 1# : B; C # ;?@ ; > 8& @ ;? #
& &B&= ;@ A ' ? B& ? D< !

$!+ 0 : ?D #@ #& & @& A; " @ & B; # 51 " ? #@ ; I &=


!- # "<) 1
!! ;? , &= /&?H ?D ;" ? @? #@ A ' " 8& # 1# @; : & A "
" #& B; ;?& A' " # 8 ":&?< 2? 8 ": ; ? A # & %
0 : ?D( 8 > ;? B; > ;? ; :& " :&?& ; ? &?@ : : <@ C :" ?
!

;;< ! & !3 ! 1# < B #& A " :& A 4& ; &? @ =& B; > # ?B
0 # % 3 )= # &@J & A, " @& &? -& ; ?& #@ !,- $ & # A?@ "&?&D ; & &@<
#;?=;?D &> @ C :;?D ; F; ;?D # &@ A A;8 " %; "&;? > ; @;?D
?* & &?1 ?'&E&=% & & ": %B; > <& @ ; & &@<A < 88 :; @
><,- &?@; 8 ":&?; 4& ; &? @ =&%& < & ";F @ @ C :" ? : H8
;"& @ 8 ' >%B; > ,- K ;?D >;DD : : < : H8 @&
8 ? 8 ; ?; 8 & " % H> 1# B & ? % A&>
" %"&= :#& A A # 8 1# : H8 B; > @ ? ><,- K B# < B? @
,- @ =& ? @? #@%> ; ; : ? #&C;?D :& ? "&<&
:& A# #& ; %> #; #& < > A ;?& ; @ & ; & B&? #&C
8 ;?D;?8 " A " # : : ; !

% >= + !, + ;; # " ;8&? 1 >&88 ! $ #@ ? : A ; A # #; @ J & ?@ @ : %


9.?' ! @;.A/ I ' "A"' " & < & &D % ? # >&8= A C ?
' " & ?;?D : #& B& ?%B#; ? & : #& B&
' 1 @ 8 & @& 8 ?@ ;? ;" @;C;@ ?@ A ?: #& % &F F ":
?@ # ;?D ; &F < " & ;?D ' " ;? : 8 A# A ;?&?8;& < &
?@;?D) 8 % # ?;? " ?# ?@ @ : % 1( ? : A ; @ 8 ;? @
' " A " ' "%@ :; &8#; C;?D & #;D# C? A' > A "
' > & <& & ; 1# 8 ":&?<& ;> @ # @ 8 ;? ;?? : A ; : & ;?D
: A ; " C " ? % "& D;?& < #;D# A ;?&?8 8 %@ # ;";?D A> ?@
A
;?&?8;?D;? %&?@ B AA8 ;C &F & A " C; @ &F:&<&> A
! $

The information contained in this report was prepared from data believed to be reliable but we have not independently verified such data and we do not make any representation or
warranty as to the accuracy or completeness of the information. This report is general in nature and has been prepared for information purposes only. It does not have regard to
any specific investment objective, emphasis or need of any person or party and is not to be construed as an offer, invitation, solicitation or recommendation to buy or sell any
securities of the company or companies covered herein by this report. Opinions expressed are subject to change without notice. PM Securities Sdn Bhd and/or its directors and
staff may have an interest in securities of the company or companies covered by this report and may earn brokerage for dealing in the securities mentioned herein. Any
person/party acting upon this report do so at their own risk and PM Securities Sdn Bhd and/or its directors and/or staff do not accept any liability arising from use of this report.

Published and Printed by:

PM Securities Sdn. Bhd. (66299-A)


A Participating Organisation of Bursa Malaysia Securities Berhad
Ground, Mezzanine & First Floor, Menara PMI, No. 2, Jalan Changkat Ceylon, 50200 Kuala Lumpur
General Line : 03-2146 3000, 03-2731 3000 Fax No : 03-2710 7830

You might also like