Friday, January 7, 2011

HDBSVR: Bulls may digest recent gains

KUALA LUMPUR: Hwang DBS Vickers Research said the bulls may want to digest their recent gains after riding on a 49.5-point or 3.3% increase in the FBM KLCI over the past four days.

In its market outlook on Friday, Jan 7 it said if so, then the benchmark index could show a marginally downward bias performance as it faces an immediate resistance barrier of 1,575 ahead.

This was also the case on Wall Street last night. Major U.S. equity indices were listless to close broadly mixed (of between -0.2% and +0.3%) amid profit-taking activity.

Hwang DBS Vickers Research said nonetheless, there will still be plenty of action for some counters on our local bourse today. Maybank's share price may get a lift following its acquisition of Singapore-listed stockbroker Kim Eng, which would immediately expand the group's presence in the region.

It said in addition, listed companies ' such as Puncak Niaga and Gamuda ' with interest in the water business in Selangor will likely come under scrutiny too after the state government made a fresh offer to buy over the water concessionaires for a total of RM9 billion.

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