Published: Monday November 19, 2012 MYT 8:55:00 AM
HDBSVR sees KLCI likely staging technical rebound
KUALA LUMPUR: Hwang DBS Vickers Research expects the FBM KLCI to likely stage a technical rebound on Monday following the 46.4-point or 2.8% fall over the last nine market days.
"On the chart, the benchmark index may attempt to overcome the support-turned-resistance line of 1,635 ahead," it said. HDBSVR said on Wall Street, leading stock indices rose between 0.4% and 0.6% on Friday as some investors turned optimistic that negotiations are on track for the US to settle the fiscal cliff issue. At Bursa Malaysia, it said there could be added interest in MRCB on news that a joint-venture led by the company has emerged as the frontrunner to undertake a RM3bil plan to build a railway line for freight trains.
On the downside, Tanjung Offshore posted a net loss of RM7mil in its latest quarterly financial result.