Monday, November 14, 2011

HwangDBS Vickers: KLCI to challenge resistance line of 1,475

KUALA LUMPUR (Nov 14): Major U.S. equity indices jumped between 1.9% and 2.2% on Friday, lifted by better U.S. economic data and hopes that there would be stronger political will to resolve the European sovereign debt crisis following the leadership changes in Greece and Italy, according to HwangDBS Vickers Research.

Wall Street's strength will likely provide a boost to sentiment across Asia today, the research house said in a note Monday, Nov 14.

'Back home, we reckon the benchmark FBM KLCI will probably rise and challenge the immediate resistance line of 1,475 ahead.

'In terms of corporate developments, investors may focus on: (a) Dijaya Corporation and Ivory PROPERTIES [] after both companies have entered into a joint venture to develop 103 acres of land with a GDV of RM10 billion in Penang; (b) Kimlun Corporation, which has secured a contract valued at RM68 million to construct service apartments in Johor; and (c) Maybank, as the banking group is scheduled to release its Jul ' Sep quarterly results around noon time,' it said.


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