Friday, December 16, 2011

HDBSVR: Market may not show much upside

KUALA LUMPUR (Dec 16): Hwang DBS Vickers Research said the Malaysian bourse may not show much upside on Friday after outperforming its regional peers on Thursday despite the firmer overnight close on Wall Street.

Major equity indices on Wall Street rose slightly on Thursday, up between 0.1% and 0.4% at the closing bell, following the release of better manufacturing data and lower jobless claims in the U.S.

As for the benchmark FBM KLCI, it would probably struggle to overcome the immediate resistance threshold of 1,475 ahead.

In terms of share price actions for the day, HDBSVR said there could be added interest in Proton on news the national automaker is believed to be taken over at about RM6 per share by the major shareholders of UMW Holdings (despite an official denial by the company itself).

Also in focus could be Coastal Contracts, which secured RM233 million worth of vessel contracts.

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