Monday, December 19, 2011

HDBSVR sees KLCI trading with downward bias

KUALA LUMPUR (Dec 19): Hwang DBS Vickers Research expects the FBM KLCI likely trade with a downward bias on Monday, moving towards its immediate support level of 1,445.

It said sentiment would be dampened after the mixed close on Wall Street last Friday as Fitch Ratings lowered France's credit outlook. The international rating agency also put Spain, Italy, Belgium, Slovenia, Ireland and Cyprus on a 'Rating Watch Negative' review, which is expected to be completed by the end of January.

HDBSVR said at the time of writing, Dow Jones Industrial Average (DJIA) Index Futures is traded 23 index-points lower than its last closing.

'In terms of share price actions for the day, we could see added interest in UEM Land, which will be included in the FBM KLCI Index today,' it said.

The research house said Masterskill Education Group could see some trading interest after media reports claiming that a controlling block of shares may be up for sale with at least two parties interested.

Also in focus could be MMC Corp, which is said to be undertaking due diligence exercise in view of splashing out up to RM1 billion to take control of Keretapi Tanah Melayu Bhd's operations.

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