Thursday, September 15, 2011

HDBSVR sees temporary lift for sentiment

KUALA LUMPUR: Hwang DBS Vickers Research said market sentiment in Asia, including Bursa Malaysia, could get a temporarily boost on Thursday, Sept 15.

It said U.S. equities were up last night, lifting key bellwethers on Wall Street by between 1.3% and 1.6% at the closing bell on hopes that major European nations would work to prevent a Greece collapse while China might consider buying European sovereign bonds.

HDBSVR said as for the benchmark FBM KLCI, it might may stage a technical rebound after suffering a drop of 31.5-point or 2.1% so far this week, possibly pulling away from its immediate support level of 1,435.

Still, in view of the volatile external backdrop, investors will likely be cautious ahead of the extended weekend break.

'Counters that may get added interest today include: (a) Proton following a news report saying that it is close to signing a collaboration agreement with Mitsubishi Motors for the Japanese automaker to utilize Proton's production facility; and (b) SP Setia, which is due to announce its latest financial results later Thursday, after seeing its share price falling 17.7% this month,' it said.

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