Published: Wednesday November 14, 2012 MYT 8:47:00 AM
HDBSVR sees KLCI testing immediate support level of 1,635
KUALA LUMPUR: Hwang DBS Vickers Research (HDBSVR) expects Malaysian equities to see a sense of resilience.
It said on Wednesday the FBM KLCI could probably test the immediate support level of 1,635 before staging a technical rebound thereafter.
Overnight on Wall Street, major equity bellwethers fell 0.4% to 0.7% overnight.
HDBSVR said sentiment was clouded by persisting concerns whether the US would be able to resolve its fiscal cliff overhang, where automatic spending cuts and tax increases could take effect early next year. At Bursa Malaysia, against a quiet market backdrop, with trading volume coming in below 800m shares in the past two market days, there may be a bit more interest in Genting Bhd, MMC Corp and Ireka.
HDBSVR said Genting's Singapore-listed subsidiary Genting Singapore's net profit nearly halved to S$110mil in the July-September quarter.
As for MMC Corporation, a consortium led by one of its subsidiaries has been chosen to undertake the development and construction of an independent water project in Oman worth US$300mil.
Menawhile, Ireka bagged a construction job valued at RM65mil.