Thursday, September 29, 2011

HDBSVR sees KLCI giving back part of gains

KUALA LUMPUR: Hwang DBS Vickers Research says the FBM KLCI could give back some of its 39.8-point cumulative gains made in the last two days.

It said on Thursday, Sept 29 that on the chart, the benchmark index may be bouncing back and forth between the immediate support and resistance levels of 1,345 and 1,395 ahead.

Meanwhile, continuing its seesaw performance, Wall Street retreated last night after a three-day winning streak when major U.S. equity indices dropped between 1.6% and 2.2%. Essentially, sentiment was clouded by the uncertainties over the Europe sovereign debt crisis.

'Back home, investors' attention will probably centre on takeover offers for SP Setia, which views PNB's cash offer price of RM3.90 per share and 91 sen per warrant as fundamentally low, thus giving rise to the possibilities of a higher offer price from either PNB or a competing bidder,' it said.
HDBSVR also said Sindora could see some trading activity after Kulim raised its offer price from RM3.00 previously to RM3.10 to acquire the remaining shares in Sindora.

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