Volatile Trading

The KLCI dropped 12.22 points to 1,513.63 points given external concerns on Libya and the contagion effect on the rest of the oil-rich Middle East region which could potentially disrupt global oil supplies and cause a spike in oil prices, and hence a dampener on global economic growth. Today’s corporate news are TNB has completed the pre-qualification tender for Malaysia’s first solar powered plant, TM and Celcom may enter a 10-year concession that will see TM re-enter the cellular business and Malaysia reported a 8% y-o-y increase in total vehicle sales for the month of Jan 2011. Overnight, Wall Street closed 178.46 points lower on the back of geopolitical risks in the Middle East, which is likely to cap the performance of our local market today. (OSK Research)