Wednesday, September 15, 2010

Hwang DBS Vickers Research sees FBM KLCI holding on to gains

KUALA LUMPUR: Hwang DBS Vickers Research said the FBM KLCI, after closing at its intra-day high the past two days as at Tuesday, Sept 14, for an overall gain of 36.7-point or 2.5%, the key market barometer is now up 125.1-point or 9.3% since about one month ago.

'Clearly overbought at the moment, there remains a chance for the bellwether to pull back a bit first before resuming its uptrend. On the chart, the FBM KLCI will probably hold on to its gain above the resistance-turned-support level of 1,465 ahead,' it said.

The research house said n terms of news flows: (a) Gamuda will replace Tanjong plc as a constituent of the FBM KLCI with effect from Sep 20; and (b) the PLANTATION [] statistics (on production, exports, inventory, etc) for August will be released later on Wednesday.

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