Thursday, October 13, 2011

HDBSVR sees Malaysian stocks extending gains

KUALA LUMPUR: Hwang DBS Vickers Research (HDBSVR) said major U.S. indices closed positively on Wednesday, Oct 12, up between 0.8% and 1.0% as the market reflected optimism after the European leaders provided a road map to tame the debt crisis and the Federal Reserve discussed further asset purchases.

'We think the Malaysian bourse is likely to extend its gain today on the back of the positive vibes from the external markets. Our benchmark FBMKLCI would probably stay above its immediate resistance turned support level of 1,415 for now,' it said in its market outlook on Thursday.

HDBSVR said on the domestic front, stocks that may garner some interest today are: (a) F&N Holdings, as its plant shut down in Thailand due to severe flood could affect earnings; (b) UMW Holdings, which commented that its Toyota car supply from Thailand is not affected at the moment as Toyota plants in Thailand were not affected by the flood; and (c) CI Holdings, as it gets nod from the Ministry of International Trade and Industry to sell 100% of Permanis Sdn Bhd to Japan's Asahi Group Holdings Ltd.

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