Friday, July 15, 2011

HDBSVR sees fairly limited downside risk for market

KUALA LUMPUR: Hwang DBS Vickers Research continues to see fairly limited downside risk for the Malaysian bourse in the short-term.

It said on Friday, July 15 that against the prevailing jittery market sentiment, the benchmark FBM KLCI will probably find immediate support at around the 1,575 level.

On the regional front, investors will likely remain nervous in view of Wall Street's losing streak. Key U.S. equity indices dropped further (by between 0.4% and 1.2%) last night as worries over a possible cut in credit rating persisted.

'Amid a quiet market backdrop, counters that may attract a bit more interest today include(a) Hua Yang, which has just announced a 1-for-3 bonus issue; and (b) Daya Materials, after winning a contract valued at RM120 million to construct a building for B Braun Medical Industries in Penang,' it said.

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