KLSE Stock Watch for 17 Aug 2011

The KLCI market is increasing high in the morning session and going down in the evening session. 

FKLI closed lower with better volume participation doing 11 points discount compare to cash market that closed marginally lower.  Overnight U.S. market continue to closed firmer and Asia markets ended mostly lower while European markets currently trading recording loss.

Regional markets traded mostly in positive territory in the morning session after overnight U.S. market ended higher following some takeover corporate action followed by afternoon Germany and Spain lower that estimates GDP(nearly unchanged) figure announcement triggered regional market to sell down lower.

The only stock watch tomorrow for tomorrow is as below :

AmBank - Good start but management cautious of outlook ahead.

AMMB reported a strong set of 1QFY03/12 results, with net profit of RM441.5m. The results were helped by gains from the disposal of AFS securities and low loan impairment allowances, both of which more than offset the sharp NIM contraction, but should “normalise” ahead. Moving forward, AMMB will embark on a 3 years plan to improve return from FY12-FY14. Key strategies of AMMB are profitable growth and rebalancing, diversification and new business development, non-interest income and deposit growth, and customer centricity. TP RM7.00