Confidence trickling in?

After more than a week of hefty rise in major world markets, market commentators have begun to feel "positive" again. Confidence seems to be on the rise amid cautiously due to a "new beginning" factor? It is true that markets do "look much better" now technically speaking despite the gloomy economic numbers being churned out. However, I must say the majority of the market participants are not convinced to go in just yet and only watched at the sideline. Or are you one of the many waiting for profit taking to set in before buying? Below is one of the few early bullish commentators for Bursa stocks. It advises "BUY" bombed-out stocks now despite an expectation of only a bear market rally this year.

Dow Jones Newswire: Malaysia players should move out of cash and into equities in 1Q09, says Macquarie; expects bear market rally this year, reckons investors "would do well to buy bombed-out stocks." Malaysian earnings likely to outshine region in 1Q09 as most of listed companies not exporters; also says "at some point, regional equity markets should respond to an easing in the bad news as fiscal policy stabilizes economic conditions towards mid-2009, leading to a partial recovery in 3Q." Recommends "bombed-out" stocks like AMMB(1015.KU), Genting(3182.KU), TM International(6888.KU), Tenaga(5347.KU). Still, warns market recovery expected to fade in 4Q as fiscal stimulus insufficient "and growth falls again once the money finishes traveling through the system"; reckons more fiscal stimulus would be needed for economy, forecasts "real recovery" through course of 2010.

* Above - Meydan RaceCourse Dubai -a joint venture project between WCT and Arabtec now gone "off course". See below.

* First limit down for the year...WCT Bhd (WCT) hits limit down in early morning trade today before it was suspended at 9.12am by Bursa Malaysia. The suspended price was RM1.29 The contract worth RM4.6b was cancelled “because of non-adherence to the agreed time schedule for construction.” WCT will make a material announcement late today. Meanwhile here are the latest TP for the stock. RHB Research RM1.28, AmResearch RM1.36. According to DJ, it may find support at MYR1.07 (Oct. 28 low), next at 90.5 sen (limit down threshold).

* Dr M: Save Palestine, Boycott US goods! Is it that easy Dr M? "OK, lets start by not using the computer!" Think of Microsoft, www, trades ......

* CNBC: People's Bank of China predicts China 2008 GDP growth seen at 9.3% and CPI at 6%.

* ChinaDaily: PWC: IPOs for China and HK will begin to pick up in the 2nd half of the year as the impact of stimulus package starts to feed into the wider economy.

BT: Palm oil at more than 2 month high. March delivery is now at RM1,894 a MT.