Friday, July 23, 2010

HDBSVR: FBM KLCI to advance 1,340

KUALA LUMPUR: Hwang DBS Vickers Research (HDBSVR) says a strong performance over at Wall Street on Thursday, July 22'' may just be the catalyst needed to jolt Asian equity markets into positive territory on the last trading day of the week.

At the closing bell, key U.S. equity indices were up between 2.0-2.7%, boosted by encouraging home prices data as well as better-than-estimated corporate earnings.

'Back home, we reckon our local benchmark FBM KLCI would advance closer to its first resistance level of 1,340 today,' it said.

In terms of corporate news flow, HDBSVR said there should be some share price reaction to Hong Leong Bank and EON Capital after a news report that EON Capital would be seeking to obtain shareholders' approval for the proposed takeover offer from Hong Leong Bank on Aug 19.

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