Thursday, August 4, 2011

HDBSVR: Sentiment to remain nervous

KUALA LUMPUR: Hwang DBS Vickers Research said sentiment across Asia will likely remain nervous on Thursday, Aug 4 following the volatile overnight performance of Wall Street.

It said the benchmark FBM KLCI could struggle to break past its immediate resistance barrier of 1,550 ahead

Overnight, Wall Street went on a rollercoaster ride on Wednesday night. Key U.S. equity indices were down 1.4%-1.8% at their intra-day lows before staging a subsequent rebound to finish in positive territory (up between 0.3% and 0.9% at the closing bell).

The rebound was triggered by some investors' speculation that the Federal Reserve could implement fresh stimulus measures to boost the economy.

'With the economy being the main subject widely talked about currently, investors will be eager to check out Malaysia's external trade statistics for Jun. One media survey has projected an annual rise of 6.1% for exports and 2.5% for imports, translating to a monthly trade surplus of RM7.7 billion.

'On the corporate front, recently listed Prestariang shares may see added trading interest today after it has signed an agreement with Prometric to develop a testing and certification program for English for its customers,' it said.

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