Thursday, December 29, 2011

HDBSVR sees profit taking activities on Bursa Malaysia

KUALA LUMPUR (Dec 29): Hwang DBS Vickers Research said the FBM KLCI could see some profit taking on Thursday after rallying for five straight days, advancing 38.9 points or 2.7%.

'We suspect profit-taking activity could suppress the FBM KLCI performance ahead. The benchmark index will likely oscillate around the psychological mark of 1,500 on the chart,' it said.

HDBSVR said the profit taking could be sparked by an overnight drop on Wall Street. Major U.S. stock indices slumped between 1.1% and 1.3% at the closing bell amid renewed worries on the Europe sovereign debt crisis.

At Bursa Malaysia, the research house said'' investors could be focusing on stocks like: (a) Box-Pak after a local daily, quoting sources, reported that the carton boxes packaging company would be taken private at RM3.20 per share; (b) Faber Group, in response to a news article saying that the government is expected to renew its hospital support services concession by another 10 years; and (c) Alam Maritim, which has just been awarded an offshore transportation and installation contract valued at RM30 million.

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