Wednesday, September 1, 2010

HDBSVR: Maxis, KNM could come under selling pressure

KUALA LUMPUR: Hwang DBS Vickers Research (HDBSVR) said while Malaysia was celebrating its independence day on Tuesday, Aug 31, most Asian stock exchanges ended somewhere between flat to lower.

It said on Sept 1, Wednesday that the key losers were Japan (down 3.6%), Taiwan (down 1.6%) and China shares listed in Hong Kong (down 1.1%). Over on Wall Street, its major equity indices were broadly unchanged at the closing bell last night.

'Will our local bourse track the weaker regional trend yesterday when trading resumes this morning? It should, given the presence of profit-taking temptations following its recent out-performance. On the chart, the benchmark FBM KLCI will probably slip marginally towards the resistance-turned-support line of 1,415 ahead,' it said.

'In terms of individual stocks under limelight today, Maxis and KNM could come under selling pressures after announcing disappointing financial results on Monday evening. In addition, Mudajaya shares will likely see higher trading interest in response to the company's official clarifications regarding its Indian investments.

'Property stocks may also get a lift after a new accounting rule ' which requires property developers to recognise profits only upon physical completion ' has been deferred from July 1, 2010,' it said.


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