Wednesday, October 19, 2011

HDBSVR: KLCI to drift sideways, resistance at 1,445

KUALA LUMPUR: Hwang DBS Vickers Research (HDBSVR) said key U.S. equity indices rose between 1.6% and 2.0% on Tuesday, Oct 18 amid optimism that the European policy makers are on track to announce a plan to resolve the regional sovereign debt crisis when they meet this weekend.

It said on Wednesday that in spite of the overnight jump on Wall Street, the Malaysian bourse will probably drift sideways following its pullback the previous day.

'The benchmark FBM KLCI could struggle to break past the immediate support-turned-resistance level of 1,445 ahead,' it said.

Meanwhile, stocks that may be in the limelight include: (a) Malaysia Marine & Heavy Engineering, which has been awarded a contract (with an undisclosed value) for the Telok Gas Development Project by ExxonMobil; (b) FajarBaru Builder, after securing a CONSTRUCTION [] contract worth RM166 million; and (c) Bursa Malaysia, as it is scheduled to release its latest quarterly financial results around lunch time.

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