Tuesday, November 23, 2010

HDBSVR: FBM KLCI may show marginal upward bias

KUALA LUMPUR: Hwang DBS Vickers Research (HDBSVR) said with Wall Street finishing mixed on Monday, Nov 22, where its key equity indices ended between -0.2% and +0.6% at the closing bell, there isno obvious overnight lead for Bursa Malaysia on Tuesday.

'As such, the benchmark FBM KLCI may just move sideways ahead, possibly showing a marginal upward bias,' it said.

On the corporate scene, the action could be on counters like: (a) CIMB after it declared a special dividend of 13.45 sen per share following a strong set of financial results; (b) Lion Forest Industries, which plans to distribute to its shareholders just a small part (amounting to RM58 million or 25 sen per share) of the total cash proceeds of RM462 million received from the sale of its tyre business; and (c) B-Toto as the stock will be replaced by Petronas Chemicals Group as a constituent of the FBM KLCI effective Nov 29.

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