KUALA LUMPUR: Hwang DBS Vickers Research says there may be a reality check for Asian stock markets on Tuesday, June 22 after their robust performances on Monday.
It said this followed China's move to allow its Yuan currency to trade more flexibly, bearing in mind too that any appreciation would likely be a gradual process.
Reflecting the cautious optimism, major U.S. equity indices ' which jumped between 1.2% and 1.4% at their intra-day highs ' surrendered their early gains to close marginally weaker last night.
'On the chart, we reckon the benchmark FBM KLCI ' facing immediate resistance at the 1,340 level ' will probably back off on profit-taking activity after climbing 49 points or 3.8% over the last 10 days,' it said.
Hwang DBS Vickers Research said in terms of news flows, the international reserve statistics as at June 15 is due for release this evening.
On the corporate scene, there could be added trading interest in EON Capital after it has received a petition from Primus (one of its major shareholders) complaining about the steps taken by EON Capital on the proposed sale of its assets and liabilities to Hong Leong Bank.
It said this followed China's move to allow its Yuan currency to trade more flexibly, bearing in mind too that any appreciation would likely be a gradual process.
Reflecting the cautious optimism, major U.S. equity indices ' which jumped between 1.2% and 1.4% at their intra-day highs ' surrendered their early gains to close marginally weaker last night.
'On the chart, we reckon the benchmark FBM KLCI ' facing immediate resistance at the 1,340 level ' will probably back off on profit-taking activity after climbing 49 points or 3.8% over the last 10 days,' it said.
Hwang DBS Vickers Research said in terms of news flows, the international reserve statistics as at June 15 is due for release this evening.
On the corporate scene, there could be added trading interest in EON Capital after it has received a petition from Primus (one of its major shareholders) complaining about the steps taken by EON Capital on the proposed sale of its assets and liabilities to Hong Leong Bank.
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