World markets rally as hope for a better year in 2013 – we remain our stand

We believe if positive signals flooding, we may see a small bull now in Q1 and KLSE should pass through 1700. However, we remain our stand that the market is not cheap any more. We believe HSI may move higher together with Dow Jones than KLSE as their valuation still better to justify than us. Mathematically, we will still defensive with selective investment. We will now increase ratio of cash, commodities vs REITs and equities. As REIT has move north substantially in past one year across whole Asia. Some yields dropped below 5% which we believe is not attractive vs its risk of its asset price level. But there are still jewels in the market for sure.