KUALA LUMPUR: Hwang DBS Vickers Research (HDBSVR) said even when Wall Street soared on Monday night, stocks on Bursa Malaysia lost steam on Tuesday, Aug 3, suggesting that profit-taking mood could be setting in.
The research house said on Wednesday, Aug 4 that with key U.S. equity indices slipping between 0.4% and 0.5% at the closing bell last night ' hurt by weak data on home sales, factory orders and consumer spending ' it said share prices on Bursa Malaysia'' will probably come under pressures ahead.
'Technically, the first support level for the benchmark FBM KLCI ' which has climbed 64.3-point or 5.0% over the last one month ' is set at 1,340,' it said.
'Meanwhile, we may see individual share price actions today in: (a) Genting Malaysia, after winning a bid to redevelop a racetrack cum casino project in New York, U.S.; and (b) Alam Maritim, which has secured a long-term charter contract worth RM30 million,' it said.
The research house said on Wednesday, Aug 4 that with key U.S. equity indices slipping between 0.4% and 0.5% at the closing bell last night ' hurt by weak data on home sales, factory orders and consumer spending ' it said share prices on Bursa Malaysia'' will probably come under pressures ahead.
'Technically, the first support level for the benchmark FBM KLCI ' which has climbed 64.3-point or 5.0% over the last one month ' is set at 1,340,' it said.
'Meanwhile, we may see individual share price actions today in: (a) Genting Malaysia, after winning a bid to redevelop a racetrack cum casino project in New York, U.S.; and (b) Alam Maritim, which has secured a long-term charter contract worth RM30 million,' it said.
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