KUALA LUMPUR: Hwang DBS Vickers expects the key FBM KLCI to probably extend its gradual upward movements on Wednesday, March 30 in the absence of adverse external developments.
It said this comes on the back of an overnight rebound on Wall Street, which saw leading U.S. equity indices jumping between 0.7% and 1.0% at the closing bell.
'If so, then the benchmark index will probably kick its way slowly towards the immediate hurdle of 1,530 ahead. A break beyond this level may then propel the FBM KLCI to the next resistance target of 1,550,' it said.
Possibly riding on the market strength today are counters like: (a) MRCB (40%) and Ekovest (60%) following the signing of a joint venture and shareholders' agreement to undertake the River of Life project in Kuala Lumpur; (b) Kencana which has just clinched a oil & gas contract worth RM216m; and (c) PIE Industrial, after declaring a gross dividend per share of 35 sen (or 26.3 sen net) translating to a net dividend yield of 6.2% based on its last done price of RM4.24.
It said this comes on the back of an overnight rebound on Wall Street, which saw leading U.S. equity indices jumping between 0.7% and 1.0% at the closing bell.
'If so, then the benchmark index will probably kick its way slowly towards the immediate hurdle of 1,530 ahead. A break beyond this level may then propel the FBM KLCI to the next resistance target of 1,550,' it said.
Possibly riding on the market strength today are counters like: (a) MRCB (40%) and Ekovest (60%) following the signing of a joint venture and shareholders' agreement to undertake the River of Life project in Kuala Lumpur; (b) Kencana which has just clinched a oil & gas contract worth RM216m; and (c) PIE Industrial, after declaring a gross dividend per share of 35 sen (or 26.3 sen net) translating to a net dividend yield of 6.2% based on its last done price of RM4.24.
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