Friday, April 15, 2011

Trading interest to remain thin, says HwangDBS Vickers

KUALA LUMPUR: Trading interest on Bursa Malaysia is expected to be thin on Friday, April 15, as investors are likely to remain wary ahead of the Sarawak state elections to be held tomorrow, said HwangDBS Vickers Research.

After closing at its intra-day low of 1,525.80 yesterday, the benchmark FBM KLCI could struggle to overcome the immediate resistance level of 1,530 for the time being, it said.

'Rather, we reckon the key market barometer will probably continue to drift with a downward bias today.

'Reflecting the cautious sentiment, trading interest is expected to be thin just like yesterday, which saw fewer than 1 billion shares changing hands the whole day,' it said in a note April 15.

The research house said that amid the sluggish market condition, counters that may be in the limelight today include: (a) SP Setia, following its foray into Singapore to redevelop a property project; and (b) SEGi, which has entered into an arrangement with a Korean university to train and place nurses and allied health professionals in US, Canada and Europe.

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