Highlights 
Malaysian Banks - Retail applications picking up
Loan growth moderated due to slower approvals in the past three months, but retail applications picked up in February. Speads fell marginally due to competition in lending. Our top pick is Maybank.

 
KLCC Property; Buy - Steady growth ahead
Price Target: RM3.75; KLCC MK
Full year contribution from Lot C in FY12F; rental reversions from PTT (exp. Sep12). Dayabumi Phase 3 and Lot D1 are medium-term growth drivers. Buy with RM3.75 TP (30% discount to RNAV).


Traders Spectrum ' From the ChartroomThe FBM KLCI staged a slow and steady climb in 1Q12 to register a rise of 65.6-point or 4.3%. Increasing in tandem was the FBM 70 Index (which measures the mid-cap space), up 3.9% quarter-on-quarter. But the third liners and penny stocks hogged the limelight, propelling the FBM ACE Index by 12.7% since the end of last year.

Going forward, we believe chances for our Malaysian bourse to pull back are greater than for it to extend its six-month rally. We have adjusted our technical targets for the FBM KLCI by plotting its major support area at 1,310-1,360 and resistance threshold at 1,610-1,670.