Monday, October 17, 2011

HDBSVR: KLCI faces hurdle at 1,445

KUALA LUMPUR: Hwang DBS Vickers Research said the main U.S. equity indices extended their recovery last Friday, Oct 14 rising between 1.4% and 1.8% at the closing bell, lifted by hopes that the policymakers are on track to resolve the European sovereign debt crisis.

In its market outlook on Monday, Oct 17, it said the positive vibes from Wall Street could be felt on the Malaysian bourse.

'However, although the benchmark FBM KLCI may attempt to overcome the immediate resistance hurdle of 1,445, we suspect a subsequent market pullback is probable after an increase of 76.5-point or 5.6% in the past three weeks,' it said.

Among the counters that will likely attract added interest include: (a) MRCB, which has just secured a contract worth RM46m in relation to a river project in Pahang; and (b) TRC Synergy, after winning a contract valued at RM319m to modernize the Brunei International Airport.

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