Tuesday, January 4, 2011

HDBSVR: Upward trend to continue

KUALA LUMPUR: Hwang DBS Vickers Research said after the FBM KLCI hit a new all-time high of 1,535 on the first trading day of 2011 on Monday, Jan 3, it expected the momentum to carry on.

It said on Tuesday, Jan 4 the FBM KLCI could consequently make its way to the resistance line of 1,550.

Hwang DBS Vickers Research said boosting investors' morale further is the overnight rise on Wall Street, which also saw its major equity barometers (up between 0.8% and 1.5%) closing at fresh highs since the market recovery started in March 2009.

Riding on the positive sentiment on Tuesday are counters are Petra Energy, after The Edge FinancialDaily reported that the company is close to bagging a RM100 million oil & gas contract for hook-up and commissioning works.

Also in focus are Sunway Holdings, which has won CONSTRUCTION [] contracts worth RM219 million; and Parkson Holdings, after getting an official approval to venture into the operation of department stores in Cambodia.

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