GlobalScan
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LocalScan
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KUALA LUMPUR SHARES OUTLOOK – LOWER IN RANGEBOUND TRADE AFTER WEAK WALL ST
KUALA LUMPUR (XFN-ASIA) – Share prices are expected to open slightly
lower in rangebound trade following the 213-point decline on the Dow Jones
Industrial Average on Friday, dealers said.
They added trading volume is likely to ease as most investors square
their positions earlier than expected in view of the four-day break for
Chinese New Year next week.
On Friday, the Kuala Lumpur composite index closed up 2.71 points or 0.30
pct at 905.41.
The all-share Emas Index added 0.51 points to 206.09, while the second
board index edged up 0.40 to 83.90.
Losers outnumbered gainers 340 to 333, with 330 stocks unchanged and 320
untraded. Volume was 573.56 mln shares worth 743.73 mln rgt.
“The market will continue to trade within a narrow tange given the sharp
decline on Wall Street last Friday,” a local brokerage dealer said.
He sees the key index’s resistance at 910 points, with support at 895
points.
Mitrajaya Holdings may gain after its wholly owned subsidiary Pembinaan
Mitrajaya Sdn Bhd won a 66.65 mln rgt contract from Putrajaya Holdings Sdn
Bhd.
Nova MSC may also rise after its wholly-owned subsidiary novaCITYNETS Pte
Ltd won a 18 mln rgt land transport information systems contract.
(1 usd = 3.75 rgt)
Japan’s Nikkei Average, Topix Fall; Canon and Nissan Motor Drop
Japan’s Nikkei 225 Stock Average fell 205.13, or 1.3 percent, to 15,491.56 at 9:03 a.m. in Tokyo. The broader Topix index dropped 20.84, or 1.3 percent, to 1603.35. Canon Inc. and Nissan Motor Co. led the declines.
Growth Slows on Declining Auto Sales: U.S. Economy Preview
A slump in auto sales caused the U.S. economy to slow last quarter, a pause that may be temporary as consumer spending rebounds and business investment gathers momentum, economists said reports this week will show. Gross domestic product, the sum of all goods and services produced, probably rose at a 2.8 percent annual rate from October to December, snapping a string of 10 straight quarters exceeding 3 percent, according to the median estimate of economists in a Bloomberg News survey. The growth rate compares with 4.1 percent in the previous three months and an average quarterly gain of 3.1 percent during the past two decades. Auto sales in October dropped to a seven-year low when manufacturers withdrew employee-pricing discount plans. The slump at the start of the quarter proved too large to overcome, even as car sales rebounded in the last two months. With the job market improving, wages rising and business confidence on an upswing, the economy is likely to regain its footing this quarter. The Commerce Department is scheduled to issue the GDP report on Jan. 27. The report also is projected to show that consumer spending, which accounts for about 70 percent of the economy, grew at a 0.5 percent annual pace in the fourth quarter, the weakest since the last three months of 1991, after growing at a 4.1 percent pace the previous three months.