KLCI moving upwards unusually and we added Kawan

There may be expectation on budget help for conglomerate by new policies and projects. TNB leading the upwards by speculation to allow adjusting power rate upward.

We are not sure these are foreign or local funds but given the volume on KLCI’s component stocks. These are definitely huge funds manager. Personally I don’t think foreign fund will come in before the budget and most likely to be local fund that snapped up the stocks. May be they know something we don’t know. Or purely emotional in support and welcoming the budget.

Overall, we remained neutral to slightly bias to downward for the market. Valuation is always back to basis.

We added Kawan and Kawan Warrant at RM 1.230 and RM 0.230 today.

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