Published: Wednesday August 8, 2012 MYT 8:36:00 AM
Updated: Wednesday August 8, 2012 MYT 8:43:08 AM
HDBSVR sees KLCI staging a technical rebound
KUALA LUMPUR: Hwang DBS Vickers Research (HDBSVR) expects the FBM KLCI to stage a technical rebound after plunging in the final minutes of trading on Tuesday to close 8.3-point down.
“On the chart, the benchmark index could jump over the immediate resistance barrier of 1,635 today,” it said in its market outlook for Wednesday.
Underpinning the firmer sentiment would be the overnight rise on Wall Street when major U.S. stock indices were up between 0.4% and 0.9% at the closing bell amid hopes that their economy would be bolstered by fresh stimulus measures.
HDBSVR said in Malaysia, the external trade data for June would be released in the afternoon.
“Possibly leading an anticipated lift on our local bourse today are index-linked counters like BAT, Tenaga and Petronas Chemicals (all three were sold down towards the end of trading yesterday),” it said.
The research house added Padini might attract added interest after it has signed a master franchise agreement to venture into the Indonesian retail market while BHIC's share price could be hit by losses posted in its latest quarterly results.