Wednesday, December 1, 2010

HDBSVR: Bursa to remain under selling pressure

KUALA LUMPUR: Hwang DBS Vickers Research said share prices on the Malaysian stock market will probably remain under selling pressures on Wednesday, Dec 1.

The research house said the FBM KLCI ' after ending at its intra-day low of 1,485.23 on Tuesday ' may show a marginal downward bias ahead, though it is not likely to test the first support level of 1,465.

On Wall Street, key U.S. equity indices bounced up from their lows but still finished lower (by between 0.4% and 1.1%) as sentiment was weighed down by worries that the worst might not over yet for the Europe sovereign debt crisis.

Hwang DBS Vickers Research said perhaps one sector that will attract further buying interest is PLANTATION []s following the run-up in the three-month forward crude palm oil (CPO) price to RM3,412 per tonne, a 28''-month high.

'The list of beneficiaries should also include Keck Seng, which has just proposed a 1-for-2 bonus issue to improve the trading liquidity of the stock,' it said.

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