Tuesday, November 8, 2011

HDBSV: Market to tread sideways

KUALA LUMPUR (Nov 8): Hwang DBS Vickers Research said the Malaysian stock market is expected to move sideways on Tuesday following the mixed performance of overseas bourses.

It said most regional stock exchanges ended weaker Monday ' paced by Hong Kong (-0.8%), China shares listed in Hong Kong (-0.5%) and Korea (-0.5%) ' when Bursa Malaysia was closed for a public holiday.

Meanwhile, key U.S. equity indices were up between 0.3% and 0.7% last night amid news that the European debt crisis would be brought under control in two years' time.

'The mixed overseas performance will likely lead our Malaysian stock market to move sideways today. On the chart, the benchmark FBM KLCI may test the resistance-turned-support line of 1,475 ahead,' it said.

Among the stocks that could be in the limelight are: (a) Melati Ehsan, which has been awarded two contracts totaling RM298m to undertake housing projects; (b) Konsortium Logistik, after a business weekly said that its major shareholder may be looking to take the company private; and (c) Sanichi TECHNOLOGY [], following a local media report hinting that a German firm is close to acquiring a major stake in the plastic injection mould fabricator.

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